FNGD vs VRNS: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Varonis Systems, Inc. (VRNS) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VRNS?
On 3 years of weekly data the FNGD/VRNS correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.27 over 3. The 5-year figure is -0.41, and annualized covariance runs at -1010.2 %².
Within FNGD's tracked universe of 1743 assets, VRNS comes in at #645 by 3-year correlation. The last year tells two different stories: VRNS led by 32.3 percentage points, -55.7% for FNGD against -23.4% for VRNS. Note the risk asymmetry: FNGD runs 1.5 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 VRNS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VRNS (Varonis Systems, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -23.4% |
| 5-year return | -99.4% | -35.2% |
| Volatility (ann.) | 75.7% | 50.1% |
| Beta vs S&P 500 | -4.54 | 1.01 |
| Max drawdown (3Y) | -97.6% | -68.1% |
| Market cap | – | $5.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VRNS |
|---|---|---|
| 2022 | +52.2% | -50.9% |
| 2023 | -90.1% | +89.1% |
| 2024 | -76.6% | -1.9% |
| 2025 | -61.4% | -26.2% |
| 2026 | -49.5% | +36.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VRNS good diversifiers for each other?
Yes. With a correlation of -0.27, FNGD and VRNS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and VRNS?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.17 over the last year and -0.41 over 5 years.
Is VRNS a good diversifier for FNGD?
Yes. With a correlation of -0.27, FNGD and VRNS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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.
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Related comparisons
Hubs: FNGD correlations · VRNS correlations
