FNGD vs SCZM: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Santacruz Silver Mining Ltd. (SCZM) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SCZM?
On 3 years of weekly data the FNGD/SCZM correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.22 over 3 years. The 5-year figure is -0.20, and annualized covariance runs at -1579.1 %².
Within FNGD's tracked universe of 1743 assets, SCZM comes in at #202 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SCZM outperformed by 164.5 percentage points (-55.7% for FNGD against +108.8% for SCZM).
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 SCZM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SCZM (Santacruz Silver Mining Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +108.8% |
| 5-year return | -99.4% | +818.6% |
| Volatility (ann.) | 75.7% | 96.4% |
| Beta vs S&P 500 | -4.54 | 1.72 |
| Max drawdown (3Y) | -97.6% | -63.2% |
| Market cap | – | $0.9B |
| P/E (trailing) | 20.6 | 21.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SCZM |
|---|---|---|
| 2022 | +52.2% | +25.0% |
| 2023 | -90.1% | -38.3% |
| 2024 | -76.6% | +5.5% |
| 2025 | -61.4% | +1137.2% |
| 2026 | -49.5% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SCZM good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SCZM?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.37 over the last year and -0.20 over 5 years.
Is SCZM a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 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-sczm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-sczm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SCZM correlations
