FNGD vs SCHW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Charles Schwab Corporation (SCHW) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SCHW?
Over the past 3 years, FNGD and SCHW moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.33). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -697.5 %².
Among the 1743 assets we track against FNGD, SCHW ranks #1053 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SCHW outperformed by 68.7 percentage points (-55.7% for FNGD against +13.0% for SCHW). Risk is not evenly split, since FNGD carries 2.7 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 SCHW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SCHW (Charles Schwab Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +13.0% |
| 5-year return | -99.4% | +57.3% |
| Volatility (ann.) | 75.7% | 27.8% |
| Beta vs S&P 500 | -4.54 | 0.93 |
| Max drawdown (3Y) | -97.6% | -21.4% |
| Market cap | – | $186.9B |
| P/E (trailing) | 20.6 | 19.9 |
| Dividend yield | 0.00% | 1.08% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | SCHW |
|---|---|---|
| 2022 | +52.2% | +0.1% |
| 2023 | -90.1% | -16.0% |
| 2024 | -76.6% | +9.2% |
| 2025 | -61.4% | +36.6% |
| 2026 | -49.5% | +9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SCHW good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SCHW?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.11 over the last year and -0.36 over 5 years.
Is SCHW a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 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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[](https://www.pairbook.io/pair/fngd-vs-schw/)
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Related comparisons
Hubs: FNGD correlations · SCHW correlations
