FNGD vs SMID: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Smith-Midland Corporation (SMID) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SMID?
Across a 3-year window, the weekly returns of FNGD and SMID correlate at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.26). Stretching to 5 years gives -0.19, with an annualized covariance of -1198.2 %².
By 3-year correlation, SMID places #540 of the 1743 assets tracked against FNGD. The last year tells two different stories: SMID led by 16.4 percentage points, -55.7% for FNGD against -39.3% for SMID.
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 SMID: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SMID (Smith-Midland Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -39.3% |
| 5-year return | -99.4% | +32.1% |
| Volatility (ann.) | 75.7% | 60.2% |
| Beta vs S&P 500 | -4.54 | 1.58 |
| Max drawdown (3Y) | -97.6% | -50.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 17.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SMID |
|---|---|---|
| 2022 | +52.2% | -56.4% |
| 2023 | -90.1% | +92.7% |
| 2024 | -76.6% | +12.6% |
| 2025 | -61.4% | -18.3% |
| 2026 | -49.5% | -31.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SMID good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SMID?
As of 2026-08-27, the correlation of weekly returns between FNGD and SMID is -0.26 over 3 years, -0.10 over 1 year and -0.19 over 5 years.
Is SMID a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-smid.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-smid/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SMID correlations
