FNGD vs ZBRA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Zebra Technologies (ZBRA) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ZBRA?
On 3 years of weekly data the FNGD/ZBRA correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.31) runs above the 3-year figure (-0.42). The 5-year figure is -0.51, and annualized covariance runs at -1310.2 %².
Among the 1743 assets we track against FNGD, ZBRA ranks #1433 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZBRA outperformed by 68.0 percentage points (-55.7% for FNGD against +12.3% for ZBRA). Risk is not evenly split, since FNGD carries 1.9 times the volatility of the other side.
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 ZBRA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | -55.7% | +12.3% |
| 5-year return | -99.4% | -38.2% |
| Volatility (ann.) | 75.7% | 40.8% |
| Beta vs S&P 500 | -4.54 | 1.54 |
| Max drawdown (3Y) | -97.6% | -52.7% |
| Market cap | – | $17.1B |
| P/E (trailing) | 20.6 | 33.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | ZBRA |
|---|---|---|
| 2022 | +52.2% | -56.9% |
| 2023 | -90.1% | +6.6% |
| 2024 | -76.6% | +41.3% |
| 2025 | -61.4% | -37.1% |
| 2026 | -49.5% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ZBRA good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and ZBRA?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.31 over the last year and -0.51 over 5 years.
Is ZBRA a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ZBRA correlations
