FNGD vs SA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Seabridge Gold, Inc. (SA) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SA?
Over the past 3 years, FNGD and SA moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.27). Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -1170.0 %².
Among the 1743 assets we track against FNGD, SA ranks #629 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SA outperformed by 160.8 percentage points (-55.7% for FNGD against +105.1% for SA).
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 SA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +105.1% |
| 5-year return | -99.4% | +93.2% |
| Volatility (ann.) | 75.7% | 56.7% |
| Beta vs S&P 500 | -4.54 | 1.46 |
| Max drawdown (3Y) | -97.6% | -52.5% |
| Market cap | – | $3.7B |
| P/E (trailing) | 20.6 | 179.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SA |
|---|---|---|
| 2022 | +52.2% | -23.7% |
| 2023 | -90.1% | -3.6% |
| 2024 | -76.6% | -5.9% |
| 2025 | -61.4% | +159.3% |
| 2026 | -49.5% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SA good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SA?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.43 over the last year and -0.27 over 5 years.
Is SA a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-sa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-sa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SA correlations
