FNGD vs ZS: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Zscaler, Inc. (ZS) show a negative relationship: their 3-year correlation of weekly returns is -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ZS?
Across a 3-year window, the weekly returns of FNGD and ZS correlate at -0.47, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.20 versus -0.47 over 3 years. Stretching to 5 years gives -0.57, with an annualized covariance of -1633.3 %².
By 3-year correlation, ZS places #1546 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with ZS ahead by 24.3 points (-55.7% versus -31.4%). 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 ZS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ZS (Zscaler, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -31.4% |
| 5-year return | -99.4% | -32.7% |
| Volatility (ann.) | 75.7% | 45.7% |
| Beta vs S&P 500 | -4.54 | 1.47 |
| Max drawdown (3Y) | -97.6% | -64.9% |
| Market cap | – | $30.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ZS |
|---|---|---|
| 2022 | +52.2% | -65.2% |
| 2023 | -90.1% | +98.0% |
| 2024 | -76.6% | -18.6% |
| 2025 | -61.4% | +24.7% |
| 2026 | -49.5% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ZS good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ZS?
The FNGD/ZS correlation stands at -0.47 on a 3-year window (1 year: -0.20, 5 years: -0.57), computed from weekly returns as of 2026-08-27.
Is ZS a good diversifier for FNGD?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 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-zs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-zs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · ZS correlations
