FNGD vs SLDP: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Solid Power, Inc. (SLDP) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SLDP?
Across a 3-year window, the weekly returns of FNGD and SLDP correlate at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Stretching to 5 years gives -0.32, with an annualized covariance of -1800.9 %².
Within FNGD's tracked universe of 1743 assets, SLDP comes in at #634 by 3-year correlation. On 12-month performance SLDP holds a 9.3-point edge, -55.7% against -46.4%.
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 SLDP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SLDP (Solid Power, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -46.4% |
| 5-year return | -99.4% | -76.1% |
| Volatility (ann.) | 75.7% | 87.4% |
| Beta vs S&P 500 | -4.54 | 1.88 |
| Max drawdown (3Y) | -97.6% | -76.5% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SLDP |
|---|---|---|
| 2022 | +52.2% | -70.9% |
| 2023 | -90.1% | -42.9% |
| 2024 | -76.6% | +30.3% |
| 2025 | -61.4% | +124.9% |
| 2026 | -49.5% | -44.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SLDP good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SLDP?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.31 over the last year and -0.32 over 5 years.
Is SLDP a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-sldp.json
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[](https://www.pairbook.io/pair/fngd-vs-sldp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SLDP correlations
