FNGD vs ZG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Zillow Group, Inc. (ZG) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ZG?
Over the past 3 years, FNGD and ZG moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -1120.7 %².
By 3-year correlation, ZG places #1004 of the 1743 assets tracked against FNGD. Their 12-month results are close: -55.7% for FNGD against -55.5% for ZG. 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 ZG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ZG (Zillow Group, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -55.5% |
| 5-year return | -99.4% | -62.1% |
| Volatility (ann.) | 75.7% | 46.8% |
| Beta vs S&P 500 | -4.54 | 1.28 |
| Max drawdown (3Y) | -97.6% | -66.4% |
| Market cap | – | $8.2B |
| P/E (trailing) | 20.6 | 158.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ZG |
|---|---|---|
| 2022 | +52.2% | -49.8% |
| 2023 | -90.1% | +81.7% |
| 2024 | -76.6% | +24.9% |
| 2025 | -61.4% | -3.7% |
| 2026 | -49.5% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ZG good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ZG?
As of 2026-08-27, the correlation of weekly returns between FNGD and ZG is -0.32 over 3 years, -0.36 over 1 year and -0.39 over 5 years.
Is ZG a good diversifier for FNGD?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 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.
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Related comparisons
Hubs: FNGD correlations · ZG correlations
