FNGD vs VLTO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Veralto (VLTO) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VLTO?
On 3 years of weekly data the FNGD/VLTO correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.14) than the 3-year average (-0.29). The 5-year figure is n/a, and annualized covariance runs at -475.7 %².
Within FNGD's tracked universe of 1743 assets, VLTO comes in at #808 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VLTO ahead by 47.8 points (-55.7% versus -7.9%). Note the risk asymmetry: FNGD runs 3.6 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 VLTO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VLTO (Veralto) | |
|---|---|---|
| 1-year return | -55.7% | -7.9% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 21.2% |
| Beta vs S&P 500 | -4.54 | 0.66 |
| Max drawdown (3Y) | -97.6% | -27.1% |
| Market cap | – | $24.0B |
| P/E (trailing) | 20.6 | 24.9 |
| Dividend yield | 0.00% | 0.51% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | VLTO |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | +24.3% |
| 2025 | -61.4% | -1.6% |
| 2026 | -49.5% | -1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VLTO good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and VLTO?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.14 over the last year and n/a over 5 years.
Is VLTO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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-vlto.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-vlto/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · VLTO correlations
