FNGD vs SMHB: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SMHB?
Over the past 3 years, FNGD and SMHB moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -717.6 %².
Among the 1743 assets we track against FNGD, SMHB ranks #367 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SMHB ahead by 63.1 points (-55.7% versus +7.4%). Risk is not evenly split, since FNGD carries 1.9 times the volatility of the other side.
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 SMHB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -55.7% | +7.4% |
| 5-year return | -99.4% | -13.5% |
| Volatility (ann.) | 75.7% | 39.3% |
| Beta vs S&P 500 | -4.54 | 1.42 |
| Max drawdown (3Y) | -97.6% | -45.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SMHB |
|---|---|---|
| 2022 | +52.2% | -36.0% |
| 2023 | -90.1% | +36.0% |
| 2024 | -76.6% | -15.8% |
| 2025 | -61.4% | -7.7% |
| 2026 | -49.5% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SMHB good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SMHB?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.29 over the last year and -0.38 over 5 years.
Is SMHB a good diversifier for FNGD?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-smhb/)
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Related comparisons
Hubs: FNGD correlations · SMHB correlations
