FNGD vs SGHC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Super Group (SGHC) Limited (SGHC) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SGHC?
Over the past 3 years, FNGD and SGHC moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.14 versus -0.26 over 3 years. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -966.3 %².
By 3-year correlation, SGHC places #538 of the 1743 assets tracked against FNGD. The last year tells two different stories: SGHC led by 70.6 percentage points, -55.7% for FNGD against +14.9% for SGHC. One caveat on sizing: FNGD is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SGHC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SGHC (Super Group (SGHC) Limited) | |
|---|---|---|
| 1-year return | -55.7% | +14.9% |
| 5-year return | -99.4% | +49.1% |
| Volatility (ann.) | 75.7% | 49.2% |
| Beta vs S&P 500 | -4.54 | 1.19 |
| Max drawdown (3Y) | -97.6% | -39.5% |
| Market cap | – | $7.0B |
| P/E (trailing) | 20.6 | 19.2 |
| Dividend yield | 0.00% | 1.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SGHC |
|---|---|---|
| 2022 | +52.2% | -69.8% |
| 2023 | -90.1% | +5.7% |
| 2024 | -76.6% | +107.7% |
| 2025 | -61.4% | +93.7% |
| 2026 | -49.5% | +16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SGHC good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SGHC?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with 0.14 over the last year and -0.26 over 5 years.
Is SGHC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-sghc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-sghc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SGHC correlations
