FNGD vs SCCO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Southern Copper Corporation (SCCO) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SCCO?
Across a 3-year window, the weekly returns of FNGD and SCCO correlate at -0.39, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Stretching to 5 years gives -0.37, with an annualized covariance of -1199.5 %².
By 3-year correlation, SCCO places #1330 of the 1743 assets tracked against FNGD. The last year tells two different stories: SCCO led by 190.2 percentage points, -55.7% for FNGD against +134.5% for SCCO. Note the risk asymmetry: FNGD runs 1.9 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 SCCO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SCCO (Southern Copper Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +134.5% |
| 5-year return | -99.4% | +339.2% |
| Volatility (ann.) | 75.7% | 40.8% |
| Beta vs S&P 500 | -4.54 | 1.32 |
| Max drawdown (3Y) | -97.6% | -39.7% |
| Market cap | – | $182.6B |
| P/E (trailing) | 20.6 | 32.0 |
| Dividend yield | 0.00% | 1.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SCCO |
|---|---|---|
| 2022 | +52.2% | +4.2% |
| 2023 | -90.1% | +50.0% |
| 2024 | -76.6% | +9.4% |
| 2025 | -61.4% | +66.5% |
| 2026 | -49.5% | +55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SCCO good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SCCO?
The FNGD/SCCO correlation stands at -0.39 on a 3-year window (1 year: -0.37, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is SCCO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 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-scco.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-scco/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SCCO correlations
