FNGD vs SHOE: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Shoe Station Group, Inc. (SHOE) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SHOE?
On 3 years of weekly data the FNGD/SHOE correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.25 over 3. The 5-year figure is -0.28, and annualized covariance runs at -811.8 %².
By 3-year correlation, SHOE places #460 of the 1743 assets tracked against FNGD. The last year tells two different stories: SHOE led by 21.0 percentage points, -55.7% for FNGD against -34.7% for SHOE. One caveat on sizing: FNGD is 1.8 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 SHOE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SHOE (Shoe Station Group, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -34.7% |
| 5-year return | -99.4% | -59.3% |
| Volatility (ann.) | 75.7% | 43.2% |
| Beta vs S&P 500 | -4.54 | 1.24 |
| Max drawdown (3Y) | -97.6% | -68.0% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | 10.3 |
| Dividend yield | 0.00% | 4.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SHOE |
|---|---|---|
| 2022 | +52.2% | -38.0% |
| 2023 | -90.1% | +28.5% |
| 2024 | -76.6% | +11.2% |
| 2025 | -61.4% | -47.6% |
| 2026 | -49.5% | -15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SHOE good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and SHOE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SHOE?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.27 over the last year and -0.28 over 5 years.
Is SHOE a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and SHOE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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-shoe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-shoe/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SHOE correlations
