FNGD vs SLV: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares Silver Trust (SLV) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SLV?
Across a 3-year window, the weekly returns of FNGD and SLV correlate at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.24 over 3. Stretching to 5 years gives -0.23, with an annualized covariance of -698.9 %².
Within FNGD's tracked universe of 1743 assets, SLV comes in at #366 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SLV ahead by 135.1 points (-55.7% versus +79.4%). Note the risk asymmetry: FNGD runs 2.0 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 SLV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | -55.7% | +79.4% |
| 5-year return | -99.4% | +182.0% |
| Volatility (ann.) | 75.7% | 38.6% |
| Beta vs S&P 500 | -4.54 | 0.80 |
| Max drawdown (3Y) | -97.6% | -52.3% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Expense ratio | – | 0.50% |
| Assets under management | – | $28.1B |
| Sector / category | US Listed | ETF · Commodities |
SLV, iShares's Commodities Focused fund, carries $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | FNGD | SLV |
|---|---|---|
| 2022 | +52.2% | +2.4% |
| 2023 | -90.1% | -1.1% |
| 2024 | -76.6% | +20.9% |
| 2025 | -61.4% | +144.7% |
| 2026 | -49.5% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SLV good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SLV?
The FNGD/SLV correlation stands at -0.24 on a 3-year window (1 year: -0.32, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is SLV a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SLV correlations
