FNGD vs SLE: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Super League Enterprise, Inc. (SLE) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SLE?
Across a 3-year window, the weekly returns of FNGD and SLE correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.21). Stretching to 5 years gives -0.25, with an annualized covariance of -2048.3 %².
Within FNGD's tracked universe of 1743 assets, SLE comes in at #137 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FNGD ahead by 35.2 points (-55.7% versus -90.9%). Note the risk asymmetry: SLE runs 1.7 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 SLE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SLE (Super League Enterprise, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -90.9% |
| 5-year return | -99.4% | -100.0% |
| Volatility (ann.) | 75.7% | 126.8% |
| Beta vs S&P 500 | -4.54 | 1.87 |
| Max drawdown (3Y) | -97.6% | -99.9% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | 0.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SLE |
|---|---|---|
| 2022 | +52.2% | -85.8% |
| 2023 | -90.1% | -77.4% |
| 2024 | -76.6% | -59.3% |
| 2025 | -61.4% | -97.5% |
| 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 SLE good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SLE?
As of 2026-08-27, the correlation of weekly returns between FNGD and SLE is -0.21 over 3 years, -0.04 over 1 year and -0.25 over 5 years.
Is SLE a good diversifier for FNGD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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-sle.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-sle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SLE correlations
