FNGD vs SKE: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Skeena Resources Limited (SKE) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SKE?
Across a 3-year window, the weekly returns of FNGD and SKE correlate at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Stretching to 5 years gives -0.26, with an annualized covariance of -1461.5 %².
By 3-year correlation, SKE places #919 of the 1743 assets tracked against FNGD. The last year tells two different stories: SKE led by 178.5 percentage points, -55.7% for FNGD against +122.8% for SKE.
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 SKE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SKE (Skeena Resources Limited) | |
|---|---|---|
| 1-year return | -55.7% | +122.8% |
| 5-year return | -99.4% | +205.9% |
| Volatility (ann.) | 75.7% | 62.6% |
| Beta vs S&P 500 | -4.54 | 1.42 |
| Max drawdown (3Y) | -97.6% | -36.1% |
| Market cap | – | $4.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SKE |
|---|---|---|
| 2022 | +52.2% | -49.0% |
| 2023 | -90.1% | -8.3% |
| 2024 | -76.6% | +78.7% |
| 2025 | -61.4% | +172.1% |
| 2026 | -49.5% | +48.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SKE good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SKE?
The FNGD/SKE correlation stands at -0.31 on a 3-year window (1 year: -0.34, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is SKE a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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-ske.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ske/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SKE correlations
