FNGD vs VLN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Valens Semiconductor Ltd. (VLN) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VLN?
Over the past 3 years, FNGD and VLN moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.56) than the 3-year average (-0.37). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -2220.3 %².
By 3-year correlation, VLN places #1245 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months VLN outperformed by 48.3 percentage points (-55.7% for FNGD against -7.4% for VLN).
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 VLN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VLN (Valens Semiconductor Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | -7.4% |
| 5-year return | -99.4% | -74.7% |
| Volatility (ann.) | 75.7% | 79.0% |
| Beta vs S&P 500 | -4.54 | 2.08 |
| Max drawdown (3Y) | -97.6% | -67.9% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VLN |
|---|---|---|
| 2022 | +52.2% | -30.3% |
| 2023 | -90.1% | -54.4% |
| 2024 | -76.6% | +6.1% |
| 2025 | -61.4% | -45.4% |
| 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 VLN good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and VLN?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.56 over the last year and -0.36 over 5 years.
Is VLN a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-vln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-vln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · VLN correlations
