FNGD vs SLG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SL Green Realty Corp (SLG) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SLG?
Across a 3-year window, the weekly returns of FNGD and SLG correlate at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.27 over 3. Stretching to 5 years gives -0.29, with an annualized covariance of -835.9 %².
Among the 1743 assets we track against FNGD, SLG ranks #635 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SLG ahead by 62.4 points (-55.7% versus +6.7%). Note the risk asymmetry: FNGD runs 1.8 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 SLG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SLG (SL Green Realty Corp) | |
|---|---|---|
| 1-year return | -55.7% | +6.7% |
| 5-year return | -99.4% | +15.1% |
| Volatility (ann.) | 75.7% | 41.1% |
| Beta vs S&P 500 | -4.54 | 1.33 |
| Max drawdown (3Y) | -97.6% | -53.9% |
| Market cap | – | $4.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 5.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SLG |
|---|---|---|
| 2022 | +52.2% | -50.9% |
| 2023 | -90.1% | +48.8% |
| 2024 | -76.6% | +58.3% |
| 2025 | -61.4% | -29.0% |
| 2026 | -49.5% | +29.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SLG good diversifiers for each other?
Yes. With a correlation of -0.27, FNGD and SLG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SLG?
As of 2026-08-27, the correlation of weekly returns between FNGD and SLG is -0.27 over 3 years, -0.30 over 1 year and -0.29 over 5 years.
Is SLG a good diversifier for FNGD?
Yes. With a correlation of -0.27, FNGD and SLG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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-slg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-slg/)
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Related comparisons
Hubs: FNGD correlations · SLG correlations
