FNGD vs XP: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and XP Inc. (XP) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XP?
On 3 years of weekly data the FNGD/XP correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. The 5-year figure is -0.34, and annualized covariance runs at -972.5 %².
Among the 1743 assets we track against FNGD, XP ranks #933 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XP outperformed by 61.5 percentage points (-55.7% for FNGD against +5.8% for XP). Note the risk asymmetry: FNGD runs 1.8 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 XP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XP (XP Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +5.8% |
| 5-year return | -99.4% | -58.9% |
| Volatility (ann.) | 75.7% | 41.0% |
| Beta vs S&P 500 | -4.54 | 1.18 |
| Max drawdown (3Y) | -97.6% | -56.6% |
| Market cap | – | $9.0B |
| P/E (trailing) | 20.6 | 9.0 |
| Dividend yield | 0.00% | 11.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | XP |
|---|---|---|
| 2022 | +52.2% | -46.6% |
| 2023 | -90.1% | +79.6% |
| 2024 | -76.6% | -52.2% |
| 2025 | -61.4% | +39.5% |
| 2026 | -49.5% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XP good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and XP?
The FNGD/XP correlation stands at -0.31 on a 3-year window (1 year: -0.24, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is XP a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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-xp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-xp/)
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Related comparisons
Hubs: FNGD correlations · XP correlations
