FNGD vs SBSW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and D/B/A Sibanye-Stillwater Limited (SBSW) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SBSW?
Across a 3-year window, the weekly returns of FNGD and SBSW correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.23). Stretching to 5 years gives -0.25, with an annualized covariance of -1143.8 %².
By 3-year correlation, SBSW places #281 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months SBSW outperformed by 116.2 percentage points (-55.7% for FNGD against +60.5% for SBSW).
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 SBSW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SBSW (D/B/A Sibanye-Stillwater Limited) | |
|---|---|---|
| 1-year return | -55.7% | +60.5% |
| 5-year return | -99.4% | -6.1% |
| Volatility (ann.) | 75.7% | 65.8% |
| Beta vs S&P 500 | -4.54 | 1.28 |
| Max drawdown (3Y) | -97.6% | -61.0% |
| Market cap | – | $8.9B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 10.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SBSW |
|---|---|---|
| 2022 | +52.2% | -9.6% |
| 2023 | -90.1% | -46.6% |
| 2024 | -76.6% | -39.2% |
| 2025 | -61.4% | +331.8% |
| 2026 | -49.5% | -11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SBSW good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SBSW?
The FNGD/SBSW correlation stands at -0.23 on a 3-year window (1 year: -0.34, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is SBSW a good diversifier for FNGD?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: FNGD correlations · SBSW correlations
