FNGD vs SMCI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Supermicro (SMCI) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SMCI?
Over the past 3 years, FNGD and SMCI moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -3438.8 %².
By 3-year correlation, SMCI places #1428 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months SMCI outperformed by 41.6 percentage points (-55.7% for FNGD against -14.1% for SMCI).
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 SMCI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SMCI (Supermicro) | |
|---|---|---|
| 1-year return | -55.7% | -14.1% |
| 5-year return | -99.4% | +983.4% |
| Volatility (ann.) | 75.7% | 107.1% |
| Beta vs S&P 500 | -4.54 | 3.08 |
| Max drawdown (3Y) | -97.6% | -84.8% |
| Market cap | – | $24.9B |
| P/E (trailing) | 20.6 | 11.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | SMCI |
|---|---|---|
| 2022 | +52.2% | +86.8% |
| 2023 | -90.1% | +246.2% |
| 2024 | -76.6% | +7.2% |
| 2025 | -61.4% | -4.0% |
| 2026 | -49.5% | +31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SMCI good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SMCI?
The FNGD/SMCI correlation stands at -0.42 on a 3-year window (1 year: -0.35, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is SMCI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 mean?
A reading of -0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: FNGD correlations · SMCI correlations
