FNGD vs SLDB: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Solid Biosciences Inc. (SLDB) 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 SLDB?
Over the past 3 years, FNGD and SLDB moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -1697.1 %².
Within FNGD's tracked universe of 1743 assets, SLDB comes in at #205 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SLDB ahead by 135.9 points (-55.7% versus +80.2%).
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 SLDB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SLDB (Solid Biosciences Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +80.2% |
| 5-year return | -99.4% | -75.0% |
| Volatility (ann.) | 75.7% | 103.6% |
| Beta vs S&P 500 | -4.54 | 2.35 |
| Max drawdown (3Y) | -97.6% | -82.9% |
| Market cap | – | $1.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SLDB |
|---|---|---|
| 2022 | +52.2% | -79.5% |
| 2023 | -90.1% | +14.1% |
| 2024 | -76.6% | -34.9% |
| 2025 | -61.4% | +41.0% |
| 2026 | -49.5% | +79.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SLDB good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SLDB?
The FNGD/SLDB correlation stands at -0.22 on a 3-year window (1 year: -0.25, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is SLDB a good diversifier for FNGD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FNGD correlations · SLDB correlations
