FNGD vs VXZ: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VXZ?
On 3 years of weekly data the FNGD/VXZ correlation comes out at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.43) runs below the 3-year figure (0.55). The 5-year figure is 0.56, and annualized covariance runs at 1063.3 %².
In FNGD's tracked universe of 1743 assets, VXZ sits right near the top at #2. The last year tells two different stories: VXZ led by 39.6 percentage points, -55.7% for FNGD against -16.1% for VXZ. Note the risk asymmetry: FNGD runs 3.0 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 VXZ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -55.7% | -16.1% |
| 5-year return | -99.4% | -53.1% |
| Volatility (ann.) | 75.7% | 25.6% |
| Beta vs S&P 500 | -4.54 | -1.31 |
| Max drawdown (3Y) | -97.6% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VXZ |
|---|---|---|
| 2022 | +52.2% | +0.5% |
| 2023 | -90.1% | -44.0% |
| 2024 | -76.6% | -12.7% |
| 2025 | -61.4% | +5.7% |
| 2026 | -49.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VXZ good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FNGD and VXZ?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.43 over the last year and 0.56 over 5 years.
Is VXZ a good diversifier for FNGD?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · VXZ correlations
