FNGD vs ZGN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ermenegildo Zegna N.V. (ZGN) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ZGN?
Across a 3-year window, the weekly returns of FNGD and ZGN correlate at -0.28, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. Stretching to 5 years gives -0.29, with an annualized covariance of -928.1 %².
Within FNGD's tracked universe of 1743 assets, ZGN comes in at #746 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZGN outperformed by 121.8 percentage points (-55.7% for FNGD against +66.1% for ZGN). Note the risk asymmetry: FNGD runs 1.7 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 ZGN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ZGN (Ermenegildo Zegna N.V.) | |
|---|---|---|
| 1-year return | -55.7% | +66.1% |
| 5-year return | -99.4% | +34.1% |
| Volatility (ann.) | 75.7% | 43.6% |
| Beta vs S&P 500 | -4.54 | 1.27 |
| Max drawdown (3Y) | -97.6% | -59.0% |
| Market cap | – | $3.7B |
| P/E (trailing) | 20.6 | 31.0 |
| Dividend yield | 0.00% | 0.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ZGN |
|---|---|---|
| 2022 | +52.2% | +0.8% |
| 2023 | -90.1% | +11.5% |
| 2024 | -76.6% | -27.8% |
| 2025 | -61.4% | +26.0% |
| 2026 | -49.5% | +34.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ZGN good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ZGN?
The FNGD/ZGN correlation stands at -0.28 on a 3-year window (1 year: -0.22, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is ZGN a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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-zgn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-zgn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · ZGN correlations
