FNGD vs SHIP: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Seanergy Maritime Holdings Corp. (SHIP) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SHIP?
Over the past 3 years, FNGD and SHIP moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -770.1 %².
By 3-year correlation, SHIP places #203 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months SHIP outperformed by 188.1 percentage points (-55.7% for FNGD against +132.4% for SHIP). One caveat on sizing: FNGD is 1.6 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 SHIP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SHIP (Seanergy Maritime Holdings Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +132.4% |
| 5-year return | -99.4% | +91.7% |
| Volatility (ann.) | 75.7% | 46.6% |
| Beta vs S&P 500 | -4.54 | 1.11 |
| Max drawdown (3Y) | -97.6% | -57.5% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | 6.1 |
| Dividend yield | 0.00% | 5.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SHIP |
|---|---|---|
| 2022 | +52.2% | -36.1% |
| 2023 | -90.1% | +59.6% |
| 2024 | -76.6% | -3.6% |
| 2025 | -61.4% | +38.5% |
| 2026 | -49.5% | +97.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SHIP good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and SHIP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SHIP?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.21 over the last year and -0.08 over 5 years.
Is SHIP a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and SHIP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ship.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ship/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SHIP correlations
