FNGD vs UPWK: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Upwork Inc. (UPWK) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and UPWK?
Across a 3-year window, the weekly returns of FNGD and UPWK correlate at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.34). Stretching to 5 years gives -0.41, with an annualized covariance of -1306.7 %².
Within FNGD's tracked universe of 1743 assets, UPWK comes in at #1113 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months UPWK outperformed by 16.0 percentage points (-55.7% for FNGD against -39.7% for UPWK).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FNGD vs UPWK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | UPWK (Upwork Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -39.7% |
| 5-year return | -99.4% | -79.8% |
| Volatility (ann.) | 75.7% | 51.1% |
| Beta vs S&P 500 | -4.54 | 1.34 |
| Max drawdown (3Y) | -97.6% | -64.5% |
| Market cap | – | $1.1B |
| P/E (trailing) | 20.6 | 11.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | UPWK |
|---|---|---|
| 2022 | +52.2% | -69.4% |
| 2023 | -90.1% | +42.4% |
| 2024 | -76.6% | +10.0% |
| 2025 | -61.4% | +21.2% |
| 2026 | -49.5% | -55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and UPWK good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and UPWK?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.17 over the last year and -0.41 over 5 years.
Is UPWK a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-upwk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-upwk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · UPWK correlations
