FNGD vs SHO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sunstone Hotel Investors, Inc. (SHO) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SHO?
Across a 3-year window, the weekly returns of FNGD and SHO correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.03) than the 3-year average (-0.32). Stretching to 5 years gives -0.39, with an annualized covariance of -562.3 %².
Among the 1743 assets we track against FNGD, SHO ranks #990 by 3-year correlation. The last year tells two different stories: SHO led by 77.1 percentage points, -55.7% for FNGD against +21.4% for SHO. Note the risk asymmetry: FNGD runs 3.2 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 SHO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SHO (Sunstone Hotel Investors, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +21.4% |
| 5-year return | -99.4% | +10.7% |
| Volatility (ann.) | 75.7% | 23.4% |
| Beta vs S&P 500 | -4.54 | 0.76 |
| Max drawdown (3Y) | -97.6% | -36.6% |
| Market cap | – | $2.1B |
| P/E (trailing) | 20.6 | 50.9 |
| Dividend yield | 0.00% | 3.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SHO |
|---|---|---|
| 2022 | +52.2% | -16.8% |
| 2023 | -90.1% | +14.4% |
| 2024 | -76.6% | +13.9% |
| 2025 | -61.4% | -21.5% |
| 2026 | -49.5% | +27.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SHO good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and SHO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SHO?
As of 2026-08-27, the correlation of weekly returns between FNGD and SHO is -0.32 over 3 years, 0.03 over 1 year and -0.39 over 5 years.
Is SHO a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and SHO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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-sho.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-sho/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SHO correlations
