FNGD vs SBLK: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Star Bulk Carriers Corp. (SBLK) 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 SBLK?
On 3 years of weekly data the FNGD/SBLK correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. The 5-year figure is -0.16, and annualized covariance runs at -777.3 %².
Among the 1743 assets we track against FNGD, SBLK ranks #987 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SBLK outperformed by 127.8 percentage points (-55.7% for FNGD against +72.1% for SBLK). Risk is not evenly split, since FNGD carries 2.3 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 SBLK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SBLK (Star Bulk Carriers Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +72.1% |
| 5-year return | -99.4% | +126.3% |
| Volatility (ann.) | 75.7% | 32.5% |
| Beta vs S&P 500 | -4.54 | 0.98 |
| Max drawdown (3Y) | -97.6% | -48.4% |
| Market cap | – | $3.4B |
| P/E (trailing) | 20.6 | 11.6 |
| Dividend yield | 0.00% | 6.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SBLK |
|---|---|---|
| 2022 | +52.2% | +8.5% |
| 2023 | -90.1% | +19.2% |
| 2024 | -76.6% | -21.0% |
| 2025 | -61.4% | +30.8% |
| 2026 | -49.5% | +68.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SBLK good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and SBLK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SBLK?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.23 over the last year and -0.16 over 5 years.
Is SBLK a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and SBLK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-sblk/)
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Related comparisons
Hubs: FNGD correlations · SBLK correlations
