FNGD vs SHAK: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Shake Shack, Inc. (SHAK) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SHAK?
Across a 3-year window, the weekly returns of FNGD and SHAK correlate at -0.34, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -1338.1 %².
Among the 1743 assets we track against FNGD, SHAK ranks #1105 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SHAK outperformed by 21.8 percentage points (-55.7% for FNGD against -33.9% for SHAK).
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 SHAK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SHAK (Shake Shack, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -33.9% |
| 5-year return | -99.4% | -18.1% |
| Volatility (ann.) | 75.7% | 51.5% |
| Beta vs S&P 500 | -4.54 | 1.42 |
| Max drawdown (3Y) | -97.6% | -63.1% |
| Market cap | – | $3.0B |
| P/E (trailing) | 20.6 | 76.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SHAK |
|---|---|---|
| 2022 | +52.2% | -42.4% |
| 2023 | -90.1% | +78.5% |
| 2024 | -76.6% | +75.1% |
| 2025 | -61.4% | -37.5% |
| 2026 | -49.5% | -13.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SHAK good diversifiers for each other?
Yes. With a correlation of -0.34, FNGD and SHAK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SHAK?
As of 2026-08-27, the correlation of weekly returns between FNGD and SHAK is -0.34 over 3 years, -0.29 over 1 year and -0.41 over 5 years.
Is SHAK a good diversifier for FNGD?
Yes. With a correlation of -0.34, FNGD and SHAK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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.
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Related comparisons
Hubs: FNGD correlations · SHAK correlations
