FNGD vs SLM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SLM Corporation (SLM) 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 SLM?
Across a 3-year window, the weekly returns of FNGD and SLM correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.27). Stretching to 5 years gives -0.33, with an annualized covariance of -672.3 %².
By 3-year correlation, SLM places #636 of the 1743 assets tracked against FNGD. The last year tells two different stories: SLM led by 41.9 percentage points, -55.7% for FNGD against -13.8% for SLM. One caveat on sizing: FNGD is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SLM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SLM (SLM Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -13.8% |
| 5-year return | -99.4% | +62.3% |
| Volatility (ann.) | 75.7% | 33.1% |
| Beta vs S&P 500 | -4.54 | 0.96 |
| Max drawdown (3Y) | -97.6% | -45.1% |
| Market cap | – | $5.0B |
| P/E (trailing) | 20.6 | 7.5 |
| Dividend yield | 0.00% | 1.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SLM |
|---|---|---|
| 2022 | +52.2% | -13.5% |
| 2023 | -90.1% | +18.7% |
| 2024 | -76.6% | +47.3% |
| 2025 | -61.4% | -0.2% |
| 2026 | -49.5% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SLM 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 SLM?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.15 over the last year and -0.33 over 5 years.
Is SLM 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-slm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-slm/)
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Related comparisons
Hubs: FNGD correlations · SLM correlations
