FNGD vs VOO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of -0.87, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VOO?
Over the past 3 years, FNGD and VOO moved with a correlation of -0.87, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.85) sits close to the 3-year figure. Over 5 years the correlation is -0.83, and the annualized covariance of weekly returns is -943.6 %².
Within FNGD's tracked universe of 1743 assets, VOO comes in at #1737 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VOO outperformed by 76.3 percentage points (-55.7% for FNGD against +20.6% for VOO). Note the risk asymmetry: FNGD runs 5.3 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 VOO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | -55.7% | +20.6% |
| 5-year return | -99.4% | +83.0% |
| Volatility (ann.) | 75.7% | 14.4% |
| Beta vs S&P 500 | -4.54 | 0.99 |
| Max drawdown (3Y) | -97.6% | -18.7% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | FNGD | VOO |
|---|---|---|
| 2022 | +52.2% | -18.2% |
| 2023 | -90.1% | +26.3% |
| 2024 | -76.6% | +25.0% |
| 2025 | -61.4% | +17.8% |
| 2026 | -49.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VOO good diversifiers for each other?
Yes: at -0.87, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and VOO?
Using weekly returns as of 2026-08-27: -0.87 over 3 years, with -0.85 over the last year and -0.83 over 5 years.
Is VOO a good diversifier for FNGD?
Yes: at -0.87, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.87 mean?
A reading of -0.87 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · VOO correlations
