FNGD vs VATE: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and INNOVATE Corp. (VATE) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VATE?
Across a 3-year window, the weekly returns of FNGD and VATE correlate at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Stretching to 5 years gives -0.25, with an annualized covariance of -2433.8 %².
Within FNGD's tracked universe of 1743 assets, VATE comes in at #550 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VATE outperformed by 101.5 percentage points (-55.7% for FNGD against +45.8% for VATE). One caveat on sizing: VATE is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VATE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VATE (INNOVATE Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +45.8% |
| 5-year return | -99.4% | -79.2% |
| Volatility (ann.) | 75.7% | 122.7% |
| Beta vs S&P 500 | -4.54 | 2.14 |
| Max drawdown (3Y) | -97.6% | -81.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VATE |
|---|---|---|
| 2022 | +52.2% | -49.5% |
| 2023 | -90.1% | -34.2% |
| 2024 | -76.6% | -59.8% |
| 2025 | -61.4% | -8.5% |
| 2026 | -49.5% | +71.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VATE good diversifiers for each other?
Yes. With a correlation of -0.26, FNGD and VATE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and VATE?
The FNGD/VATE correlation stands at -0.26 on a 3-year window (1 year: -0.27, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is VATE a good diversifier for FNGD?
Yes. With a correlation of -0.26, FNGD and VATE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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
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Related comparisons
Hubs: FNGD correlations · VATE correlations
