FNGD vs FSM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Fortuna Mining Corp. (FSM) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FSM?
On 3 years of weekly data the FNGD/FSM correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.25 over 3 years. The 5-year figure is -0.27, and annualized covariance runs at -1118.7 %².
By 3-year correlation, FSM places #418 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with FSM ahead by 124.7 points (-55.7% versus +69.0%).
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 FSM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FSM (Fortuna Mining Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +69.0% |
| 5-year return | -99.4% | +196.5% |
| Volatility (ann.) | 75.7% | 59.4% |
| Beta vs S&P 500 | -4.54 | 1.22 |
| Max drawdown (3Y) | -97.6% | -41.2% |
| Market cap | – | $3.8B |
| P/E (trailing) | 20.6 | 10.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FSM |
|---|---|---|
| 2022 | +52.2% | -3.8% |
| 2023 | -90.1% | +2.9% |
| 2024 | -76.6% | +11.1% |
| 2025 | -61.4% | +128.7% |
| 2026 | -49.5% | +30.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FSM good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and FSM?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.36 over the last year and -0.27 over 5 years.
Is FSM a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · FSM correlations
