FNGD vs VECO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Veeco Instruments Inc. (VECO) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VECO?
Over the past 3 years, FNGD and VECO moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.16) than the 3-year average (-0.43). Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -1586.2 %².
Among the 1743 assets we track against FNGD, VECO ranks #1466 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VECO outperformed by 151.3 percentage points (-55.7% for FNGD against +95.6% for VECO). Note the risk asymmetry: FNGD runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VECO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VECO (Veeco Instruments Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +95.6% |
| 5-year return | -99.4% | +105.2% |
| Volatility (ann.) | 75.7% | 49.1% |
| Beta vs S&P 500 | -4.54 | 1.57 |
| Max drawdown (3Y) | -97.6% | -64.2% |
| Market cap | – | $2.9B |
| P/E (trailing) | 20.6 | 120.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VECO |
|---|---|---|
| 2022 | +52.2% | -34.7% |
| 2023 | -90.1% | +67.0% |
| 2024 | -76.6% | -13.6% |
| 2025 | -61.4% | +6.6% |
| 2026 | -49.5% | +64.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VECO good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and VECO?
The FNGD/VECO correlation stands at -0.43 on a 3-year window (1 year: -0.16, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VECO a good diversifier for FNGD?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: FNGD correlations · VECO correlations
