FNGD vs SEZL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sezzle Inc. (SEZL) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SEZL?
On 3 years of weekly data the FNGD/SEZL correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -3001.3 %².
Within FNGD's tracked universe of 1743 assets, SEZL comes in at #728 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SEZL ahead by 91.4 points (-55.7% versus +35.7%). Risk is not evenly split, since SEZL carries 1.8 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 SEZL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SEZL (Sezzle Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +35.7% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 139.3% |
| Beta vs S&P 500 | -4.54 | 3.39 |
| Max drawdown (3Y) | -97.6% | -90.0% |
| Market cap | – | $4.2B |
| P/E (trailing) | 20.6 | 27.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SEZL |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | +1146.6% |
| 2025 | -61.4% | +48.9% |
| 2026 | -49.5% | +98.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SEZL good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SEZL?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.27 over the last year and n/a over 5 years.
Is SEZL a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-sezl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-sezl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SEZL correlations
