FNGD vs SANG: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sangoma Technologies Corporation (SANG) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SANG?
On 3 years of weekly data the FNGD/SANG correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. The 5-year figure is -0.31, and annualized covariance runs at -710.3 %².
Within FNGD's tracked universe of 1743 assets, SANG comes in at #199 by 3-year correlation. The last year tells two different stories: SANG led by 19.8 percentage points, -55.7% for FNGD against -35.9% for SANG. Note the risk asymmetry: FNGD runs 1.8 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 SANG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SANG (Sangoma Technologies Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -35.9% |
| 5-year return | -99.4% | -78.8% |
| Volatility (ann.) | 75.7% | 42.3% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -55.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SANG |
|---|---|---|
| 2022 | +52.2% | -71.2% |
| 2023 | -90.1% | -34.0% |
| 2024 | -76.6% | +123.1% |
| 2025 | -61.4% | -29.0% |
| 2026 | -49.5% | -25.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SANG good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and SANG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SANG?
As of 2026-08-27, the correlation of weekly returns between FNGD and SANG is -0.22 over 3 years, -0.24 over 1 year and -0.31 over 5 years.
Is SANG a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and SANG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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
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Related comparisons
Hubs: FNGD correlations · SANG correlations
