FNGD vs VERI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Veritone, Inc. (VERI) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VERI?
Over the past 3 years, FNGD and VERI moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.44) than the 3-year average (-0.31). Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -2793.6 %².
By 3-year correlation, VERI places #930 of the 1743 assets tracked against FNGD. The last year tells two different stories: FNGD led by 17.3 percentage points, -55.7% for FNGD against -73.0% for VERI. Note the risk asymmetry: VERI runs 1.6 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 VERI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VERI (Veritone, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -73.0% |
| 5-year return | -99.4% | -95.9% |
| Volatility (ann.) | 75.7% | 118.8% |
| Beta vs S&P 500 | -4.54 | 2.91 |
| Max drawdown (3Y) | -97.6% | -90.5% |
| 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 | VERI |
|---|---|---|
| 2022 | +52.2% | -76.4% |
| 2023 | -90.1% | -65.8% |
| 2024 | -76.6% | +81.2% |
| 2025 | -61.4% | +41.8% |
| 2026 | -49.5% | -82.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VERI good diversifiers for each other?
Yes. With a correlation of -0.31, FNGD and VERI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and VERI?
As of 2026-08-27, the correlation of weekly returns between FNGD and VERI is -0.31 over 3 years, -0.44 over 1 year and -0.39 over 5 years.
Is VERI a good diversifier for FNGD?
Yes. With a correlation of -0.31, FNGD and VERI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-veri.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-veri/)
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Related comparisons
Hubs: FNGD correlations · VERI correlations
