FNGD vs VXX: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VXX?
Over the past 3 years, FNGD and VXX moved with a correlation of 0.60, which is strong. The past 12 months show a weaker link (0.49) than the 3-year average (0.60). Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 2768.0 %².
Few assets follow FNGD as closely as VXX, which ranks #1 of 1743 tracked partners. Over the last 12 months VXX came out ahead by 6.0 percentage points (-55.7% against -49.7%).
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 VXX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -55.7% | -49.7% |
| 5-year return | -99.4% | -95.6% |
| Volatility (ann.) | 75.7% | 60.9% |
| Beta vs S&P 500 | -4.54 | -3.31 |
| Max drawdown (3Y) | -97.6% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VXX |
|---|---|---|
| 2022 | +52.2% | -23.8% |
| 2023 | -90.1% | -72.5% |
| 2024 | -76.6% | -26.2% |
| 2025 | -61.4% | -42.2% |
| 2026 | -49.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VXX good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FNGD and VXX?
As of 2026-08-27, the correlation of weekly returns between FNGD and VXX is 0.60 over 3 years, 0.49 over 1 year and 0.54 over 5 years.
Is VXX a good diversifier for FNGD?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · VXX correlations
