FNGD vs VEEV: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Veeva Systems (VEEV) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VEEV?
Across a 3-year window, the weekly returns of FNGD and VEEV correlate at -0.31, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.31 over 3. Stretching to 5 years gives -0.46, with an annualized covariance of -946.6 %².
By 3-year correlation, VEEV places #929 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with VEEV ahead by 51.8 points (-55.7% versus -3.9%). One caveat on sizing: FNGD is 1.9 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 VEEV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VEEV (Veeva Systems) | |
|---|---|---|
| 1-year return | -55.7% | -3.9% |
| 5-year return | -99.4% | -15.2% |
| Volatility (ann.) | 75.7% | 40.0% |
| Beta vs S&P 500 | -4.54 | 0.99 |
| Max drawdown (3Y) | -97.6% | -50.5% |
| Market cap | – | $45.8B |
| P/E (trailing) | 20.6 | 46.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FNGD | VEEV |
|---|---|---|
| 2022 | +52.2% | -36.8% |
| 2023 | -90.1% | +19.3% |
| 2024 | -76.6% | +9.2% |
| 2025 | -61.4% | +6.2% |
| 2026 | -49.5% | +26.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VEEV good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and VEEV?
As of 2026-08-27, the correlation of weekly returns between FNGD and VEEV is -0.31 over 3 years, -0.33 over 1 year and -0.46 over 5 years.
Is VEEV a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 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-veev.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-veev/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · VEEV correlations
