FNGD vs VERA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Vera Therapeutics, Inc. (VERA) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VERA?
On 3 years of weekly data the FNGD/VERA correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.23 over 3 years. The 5-year figure is -0.16, and annualized covariance runs at -1534.6 %².
Within FNGD's tracked universe of 1743 assets, VERA comes in at #293 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VERA outperformed by 112.8 percentage points (-55.7% for FNGD against +57.1% for VERA).
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 VERA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VERA (Vera Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +57.1% |
| 5-year return | -99.4% | +133.8% |
| Volatility (ann.) | 75.7% | 87.9% |
| Beta vs S&P 500 | -4.54 | 1.47 |
| Max drawdown (3Y) | -97.6% | -62.1% |
| Market cap | – | $2.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VERA |
|---|---|---|
| 2022 | +52.2% | -27.6% |
| 2023 | -90.1% | -20.5% |
| 2024 | -76.6% | +175.0% |
| 2025 | -61.4% | +19.7% |
| 2026 | -49.5% | -31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VERA good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and VERA?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.10 over the last year and -0.16 over 5 years.
Is VERA a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · VERA correlations
