FNGD vs Z: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Zillow Group, Inc. - Class C Capital Stock (Z) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and Z?
Over the past 3 years, FNGD and Z moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.33 over 3. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -1144.5 %².
By 3-year correlation, Z places #1062 of the 1743 assets tracked against FNGD. Twelve-month performance is nearly a tie, at -55.7% for FNGD and -57.9% for Z. Note the risk asymmetry: FNGD runs 1.6 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 Z: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | Z (Zillow Group, Inc. - Class C Capital Stock) | |
|---|---|---|
| 1-year return | -55.7% | -57.9% |
| 5-year return | -99.4% | -63.1% |
| Volatility (ann.) | 75.7% | 46.2% |
| Beta vs S&P 500 | -4.54 | 1.30 |
| Max drawdown (3Y) | -97.6% | -67.4% |
| Market cap | – | $8.0B |
| P/E (trailing) | 20.6 | 154.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | Z |
|---|---|---|
| 2022 | +52.2% | -49.6% |
| 2023 | -90.1% | +79.6% |
| 2024 | -76.6% | +28.0% |
| 2025 | -61.4% | -7.9% |
| 2026 | -49.5% | -48.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and Z good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and Z?
The FNGD/Z correlation stands at -0.33 on a 3-year window (1 year: -0.38, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is Z a good diversifier for FNGD?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 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-z.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-z/)
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Related comparisons
Hubs: FNGD correlations · Z correlations
