FNGD vs SCHD: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Schwab US Dividend Equity ETF (SCHD) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SCHD?
Over the past 3 years, FNGD and SCHD moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.17 versus -0.21 over 3 years. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -204.4 %².
By 3-year correlation, SCHD places #136 of the 1743 assets tracked against FNGD. The last year tells two different stories: SCHD led by 85.3 percentage points, -55.7% for FNGD against +29.6% for SCHD. Note the risk asymmetry: FNGD runs 5.9 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 SCHD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SCHD (Schwab US Dividend Equity ETF) | |
|---|---|---|
| 1-year return | -55.7% | +29.6% |
| 5-year return | -99.4% | +60.9% |
| Volatility (ann.) | 75.7% | 12.9% |
| Beta vs S&P 500 | -4.54 | 0.52 |
| Max drawdown (3Y) | -97.6% | -16.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 3.13% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $104.2B |
| Sector / category | US Listed | ETF · Dividend |
SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield.
Year-by-year returns
| Year | FNGD | SCHD |
|---|---|---|
| 2022 | +52.2% | -3.3% |
| 2023 | -90.1% | +4.5% |
| 2024 | -76.6% | +11.7% |
| 2025 | -61.4% | +4.3% |
| 2026 | -49.5% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SCHD good diversifiers for each other?
Yes. With a correlation of -0.21, FNGD and SCHD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SCHD?
The FNGD/SCHD correlation stands at -0.21 on a 3-year window (1 year: 0.17, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is SCHD a good diversifier for FNGD?
Yes. With a correlation of -0.21, FNGD and SCHD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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-schd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-schd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SCHD correlations
