FNGD vs XYZ: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Block, Inc. (XYZ) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XYZ?
Across a 3-year window, the weekly returns of FNGD and XYZ correlate at -0.49, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.49) sits close to the 3-year figure. Stretching to 5 years gives -0.59, with an annualized covariance of -1877.9 %².
Within FNGD's tracked universe of 1743 assets, XYZ comes in at #1578 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XYZ outperformed by 62.6 percentage points (-55.7% for FNGD against +6.9% for XYZ). 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 XYZ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XYZ (Block, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +6.9% |
| 5-year return | -99.4% | -68.8% |
| Volatility (ann.) | 75.7% | 50.2% |
| Beta vs S&P 500 | -4.54 | 1.80 |
| Max drawdown (3Y) | -97.6% | -53.0% |
| Market cap | – | $51.0B |
| P/E (trailing) | 20.6 | 151.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | XYZ |
|---|---|---|
| 2022 | +52.2% | -61.1% |
| 2023 | -90.1% | +23.1% |
| 2024 | -76.6% | +9.9% |
| 2025 | -61.4% | -23.4% |
| 2026 | -49.5% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XYZ good diversifiers for each other?
Yes. With a correlation of -0.49, FNGD and XYZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and XYZ?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.49 over the last year and -0.59 over 5 years.
Is XYZ a good diversifier for FNGD?
Yes. With a correlation of -0.49, FNGD and XYZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 mean?
A reading of -0.49 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-xyz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-xyz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · XYZ correlations
