FNGD vs SEIC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SEI Investments Company (SEIC) trade together? Their weekly returns over three years give a correlation of -0.50, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SEIC?
Across a 3-year window, the weekly returns of FNGD and SEIC correlate at -0.50, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.32 versus -0.50 over 3 years. Stretching to 5 years gives -0.53, with an annualized covariance of -786.1 %².
By 3-year correlation, SEIC places #1591 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months SEIC outperformed by 80.1 percentage points (-55.7% for FNGD against +24.4% for SEIC). Risk is not evenly split, since FNGD carries 3.7 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 SEIC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SEIC (SEI Investments Company) | |
|---|---|---|
| 1-year return | -55.7% | +24.4% |
| 5-year return | -99.4% | +89.5% |
| Volatility (ann.) | 75.7% | 20.7% |
| Beta vs S&P 500 | -4.54 | 0.91 |
| Max drawdown (3Y) | -97.6% | -23.3% |
| Market cap | – | $13.4B |
| P/E (trailing) | 20.6 | 19.6 |
| Dividend yield | 0.00% | 0.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SEIC |
|---|---|---|
| 2022 | +52.2% | -2.9% |
| 2023 | -90.1% | +10.6% |
| 2024 | -76.6% | +31.5% |
| 2025 | -61.4% | +0.6% |
| 2026 | -49.5% | +36.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SEIC good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SEIC?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.32 over the last year and -0.53 over 5 years.
Is SEIC a good diversifier for FNGD?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
A reading of -0.50 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · SEIC correlations
