FNGD vs SG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sweetgreen, Inc. (SG) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SG?
Over the past 3 years, FNGD and SG moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -1613.8 %².
Among the 1743 assets we track against FNGD, SG ranks #631 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SG ahead by 30.8 points (-55.7% versus -24.9%).
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 SG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SG (Sweetgreen, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -24.9% |
| 5-year return | -99.4% | -86.3% |
| Volatility (ann.) | 75.7% | 79.8% |
| Beta vs S&P 500 | -4.54 | 1.83 |
| Max drawdown (3Y) | -97.6% | -89.3% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | 75.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SG |
|---|---|---|
| 2022 | +52.2% | -73.2% |
| 2023 | -90.1% | +31.9% |
| 2024 | -76.6% | +183.7% |
| 2025 | -61.4% | -78.9% |
| 2026 | -49.5% | +0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SG good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SG?
As of 2026-08-27, the correlation of weekly returns between FNGD and SG is -0.27 over 3 years, -0.24 over 1 year and -0.30 over 5 years.
Is SG a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 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
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Related comparisons
Hubs: FNGD correlations · SG correlations
