FNGD vs VGZ: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Vista Gold Corp (VGZ) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VGZ?
Across a 3-year window, the weekly returns of FNGD and VGZ correlate at -0.18, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.31) runs below the 3-year figure (-0.18). Stretching to 5 years gives -0.19, with an annualized covariance of -1049.4 %².
Within FNGD's tracked universe of 1743 assets, VGZ comes in at #37 by 3-year correlation. The last year tells two different stories: VGZ led by 160.0 percentage points, -55.7% for FNGD against +104.3% for VGZ.
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 VGZ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VGZ (Vista Gold Corp) | |
|---|---|---|
| 1-year return | -55.7% | +104.3% |
| 5-year return | -99.4% | +197.5% |
| Volatility (ann.) | 75.7% | 77.0% |
| Beta vs S&P 500 | -4.54 | 1.31 |
| Max drawdown (3Y) | -97.6% | -49.5% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VGZ |
|---|---|---|
| 2022 | +52.2% | -29.6% |
| 2023 | -90.1% | -10.0% |
| 2024 | -76.6% | +24.4% |
| 2025 | -61.4% | +251.8% |
| 2026 | -49.5% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VGZ good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and VGZ?
As of 2026-08-27, the correlation of weekly returns between FNGD and VGZ is -0.18 over 3 years, -0.31 over 1 year and -0.19 over 5 years.
Is VGZ a good diversifier for FNGD?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 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-vgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-vgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · VGZ correlations
