FNGD vs S: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SentinelOne, Inc. (S) 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 S?
Across a 3-year window, the weekly returns of FNGD and S correlate at -0.42, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Stretching to 5 years gives -0.49, with an annualized covariance of -1525.5 %².
Among the 1743 assets we track against FNGD, S ranks #1427 by 3-year correlation. The last year tells two different stories: S led by 88.1 percentage points, -55.7% for FNGD against +32.4% for S. One caveat on sizing: FNGD is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 S: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | S (SentinelOne, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +32.4% |
| 5-year return | -99.4% | -65.2% |
| Volatility (ann.) | 75.7% | 48.4% |
| Beta vs S&P 500 | -4.54 | 1.43 |
| Max drawdown (3Y) | -97.6% | -60.2% |
| Market cap | – | $7.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | S |
|---|---|---|
| 2022 | +52.2% | -71.1% |
| 2023 | -90.1% | +88.1% |
| 2024 | -76.6% | -19.1% |
| 2025 | -61.4% | -32.4% |
| 2026 | -49.5% | +51.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and S 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 S?
As of 2026-08-27, the correlation of weekly returns between FNGD and S is -0.42 over 3 years, -0.37 over 1 year and -0.49 over 5 years.
Is S 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?
On the −1 to +1 scale, -0.42 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-s.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-s/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · S correlations
