FNGD vs SATL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Satellogic Inc. (SATL) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SATL?
On 3 years of weekly data the FNGD/SATL correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.16 over 1 year against -0.19 over 3. The 5-year figure is -0.10, and annualized covariance runs at -1951.5 %².
By 3-year correlation, SATL places #65 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months SATL outperformed by 100.8 percentage points (-55.7% for FNGD against +45.1% for SATL). Note the risk asymmetry: SATL 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 SATL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SATL (Satellogic Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +45.1% |
| 5-year return | -99.4% | -45.8% |
| Volatility (ann.) | 75.7% | 134.8% |
| Beta vs S&P 500 | -4.54 | 1.81 |
| Max drawdown (3Y) | -97.6% | -73.2% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SATL |
|---|---|---|
| 2022 | +52.2% | -68.6% |
| 2023 | -90.1% | -42.6% |
| 2024 | -76.6% | +62.9% |
| 2025 | -61.4% | -34.4% |
| 2026 | -49.5% | +184.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SATL good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SATL?
As of 2026-08-27, the correlation of weekly returns between FNGD and SATL is -0.19 over 3 years, -0.16 over 1 year and -0.10 over 5 years.
Is SATL a good diversifier for FNGD?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 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 · SATL correlations
