FNGD vs SB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Safe Bulkers, Inc (SB) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SB?
On 3 years of weekly data the FNGD/SB correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.22). The 5-year figure is -0.17, and annualized covariance runs at -560.8 %².
Among the 1743 assets we track against FNGD, SB ranks #200 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SB ahead by 156.5 points (-55.7% versus +100.8%). Note the risk asymmetry: FNGD runs 2.3 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 SB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SB (Safe Bulkers, Inc) | |
|---|---|---|
| 1-year return | -55.7% | +100.8% |
| 5-year return | -99.4% | +151.1% |
| Volatility (ann.) | 75.7% | 33.0% |
| Beta vs S&P 500 | -4.54 | 0.88 |
| Max drawdown (3Y) | -97.6% | -49.7% |
| Market cap | – | $0.9B |
| P/E (trailing) | 20.6 | 10.9 |
| Dividend yield | 0.00% | 1.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SB |
|---|---|---|
| 2022 | +52.2% | -18.7% |
| 2023 | -90.1% | +42.9% |
| 2024 | -76.6% | -5.1% |
| 2025 | -61.4% | +40.3% |
| 2026 | -49.5% | +79.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SB good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SB?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.08 over the last year and -0.17 over 5 years.
Is SB a good diversifier for FNGD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-sb.json
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[](https://www.pairbook.io/pair/fngd-vs-sb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SB correlations
