FNGD vs SDGR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Schrodinger, Inc. (SDGR) trade together? Their weekly returns over three years give a correlation of -0.47, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SDGR?
Across a 3-year window, the weekly returns of FNGD and SDGR correlate at -0.47, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.53) sits close to the 3-year figure. Stretching to 5 years gives -0.48, with an annualized covariance of -2034.4 %².
By 3-year correlation, SDGR places #1541 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with SDGR ahead by 58.8 points (-55.7% versus +3.1%).
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 SDGR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SDGR (Schrodinger, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +3.1% |
| 5-year return | -99.4% | -65.2% |
| Volatility (ann.) | 75.7% | 57.7% |
| Beta vs S&P 500 | -4.54 | 1.91 |
| Max drawdown (3Y) | -97.6% | -70.2% |
| Market cap | – | $1.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SDGR |
|---|---|---|
| 2022 | +52.2% | -46.3% |
| 2023 | -90.1% | +91.5% |
| 2024 | -76.6% | -46.1% |
| 2025 | -61.4% | -7.3% |
| 2026 | -49.5% | +14.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SDGR good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SDGR?
As of 2026-08-27, the correlation of weekly returns between FNGD and SDGR is -0.47 over 3 years, -0.53 over 1 year and -0.48 over 5 years.
Is SDGR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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.
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Related comparisons
Hubs: FNGD correlations · SDGR correlations
