FNGD vs SAN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Banco Santander, S.A. Sponsored ADR (Spain) (SAN) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SAN?
On 3 years of weekly data the FNGD/SAN correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.41) sits close to the 3-year figure. The 5-year figure is -0.36, and annualized covariance runs at -781.4 %².
By 3-year correlation, SAN places #1157 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months SAN outperformed by 112.9 percentage points (-55.7% for FNGD against +57.2% for SAN). Note the risk asymmetry: FNGD runs 2.6 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 SAN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | |
|---|---|---|
| 1-year return | -55.7% | +57.2% |
| 5-year return | -99.4% | +366.8% |
| Volatility (ann.) | 75.7% | 29.2% |
| Beta vs S&P 500 | -4.54 | 1.01 |
| Max drawdown (3Y) | -97.6% | -20.3% |
| Market cap | – | $211.5B |
| P/E (trailing) | 20.6 | 14.1 |
| Dividend yield | 0.00% | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SAN |
|---|---|---|
| 2022 | +52.2% | -6.6% |
| 2023 | -90.1% | +46.2% |
| 2024 | -76.6% | +15.1% |
| 2025 | -61.4% | +161.6% |
| 2026 | -49.5% | +25.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SAN good diversifiers for each other?
Yes. With a correlation of -0.35, FNGD and SAN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SAN?
As of 2026-08-27, the correlation of weekly returns between FNGD and SAN is -0.35 over 3 years, -0.41 over 1 year and -0.36 over 5 years.
Is SAN a good diversifier for FNGD?
Yes. With a correlation of -0.35, FNGD and SAN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-san.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-san/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SAN correlations
