FNGD vs SANM: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sanmina Corporation (SANM) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SANM?
Over the past 3 years, FNGD and SANM moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.32 over 3 years. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -1139.4 %².
Within FNGD's tracked universe of 1743 assets, SANM comes in at #986 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SANM ahead by 129.6 points (-55.7% versus +73.9%). Risk is not evenly split, since FNGD carries 1.6 times the volatility of the other side.
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 SANM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SANM (Sanmina Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +73.9% |
| 5-year return | -99.4% | +410.5% |
| Volatility (ann.) | 75.7% | 46.6% |
| Beta vs S&P 500 | -4.54 | 1.34 |
| Max drawdown (3Y) | -97.6% | -42.0% |
| Market cap | – | $10.9B |
| P/E (trailing) | 20.6 | 35.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SANM |
|---|---|---|
| 2022 | +52.2% | +38.2% |
| 2023 | -90.1% | -10.3% |
| 2024 | -76.6% | +47.3% |
| 2025 | -61.4% | +98.3% |
| 2026 | -49.5% | +35.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SANM good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and SANM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SANM?
The FNGD/SANM correlation stands at -0.32 on a 3-year window (1 year: -0.14, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is SANM a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and SANM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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-sanm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-sanm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SANM correlations
