FNGD vs SF: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Stifel Financial Corporation (SF) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SF?
Over the past 3 years, FNGD and SF moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.26 versus -0.43 over 3 years. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -890.1 %².
Within FNGD's tracked universe of 1743 assets, SF comes in at #1462 by 3-year correlation. The last year tells two different stories: SF led by 61.7 percentage points, -55.7% for FNGD against +6.0% for SF. Note the risk asymmetry: FNGD runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SF (Stifel Financial Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +6.0% |
| 5-year return | -99.4% | +92.0% |
| Volatility (ann.) | 75.7% | 27.2% |
| Beta vs S&P 500 | -4.54 | 1.23 |
| Max drawdown (3Y) | -97.6% | -34.7% |
| Market cap | – | $12.2B |
| P/E (trailing) | 20.6 | 14.4 |
| Dividend yield | 0.00% | 1.59% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SF |
|---|---|---|
| 2022 | +52.2% | -15.6% |
| 2023 | -90.1% | +21.2% |
| 2024 | -76.6% | +56.4% |
| 2025 | -61.4% | +20.1% |
| 2026 | -49.5% | -2.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SF good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SF?
As of 2026-08-27, the correlation of weekly returns between FNGD and SF is -0.43 over 3 years, -0.26 over 1 year and -0.44 over 5 years.
Is SF a good diversifier for FNGD?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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
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Related comparisons
Hubs: FNGD correlations · SF correlations
