FNGD vs VNO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Vornado Realty Trust (VNO) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VNO?
Over the past 3 years, FNGD and VNO moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -895.7 %².
Within FNGD's tracked universe of 1743 assets, VNO comes in at #873 by 3-year correlation. The last year tells two different stories: VNO led by 60.8 percentage points, -55.7% for FNGD against +5.1% for VNO. One caveat on sizing: FNGD is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VNO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VNO (Vornado Realty Trust) | |
|---|---|---|
| 1-year return | -55.7% | +5.1% |
| 5-year return | -99.4% | +8.4% |
| Volatility (ann.) | 75.7% | 39.1% |
| Beta vs S&P 500 | -4.54 | 1.34 |
| Max drawdown (3Y) | -97.6% | -43.9% |
| Market cap | – | $7.7B |
| P/E (trailing) | 20.6 | 1290.7 |
| Dividend yield | 0.00% | 1.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VNO |
|---|---|---|
| 2022 | +52.2% | -46.7% |
| 2023 | -90.1% | +39.5% |
| 2024 | -76.6% | +51.3% |
| 2025 | -61.4% | -19.1% |
| 2026 | -49.5% | +16.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VNO good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and VNO?
The FNGD/VNO correlation stands at -0.30 on a 3-year window (1 year: -0.34, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is VNO a good diversifier for FNGD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-vno.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-vno/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · VNO correlations
