FNGD vs SMR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NuScale Power Corporation (SMR) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SMR?
Across a 3-year window, the weekly returns of FNGD and SMR correlate at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.54 versus -0.35 over 3 years. Stretching to 5 years gives -0.29, with an annualized covariance of -3177.0 %².
Among the 1743 assets we track against FNGD, SMR ranks #1158 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FNGD ahead by 16.6 points (-55.7% versus -72.3%). One caveat on sizing: SMR is 1.6 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 SMR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SMR (NuScale Power Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -72.3% |
| 5-year return | -99.4% | -3.2% |
| Volatility (ann.) | 75.7% | 119.8% |
| Beta vs S&P 500 | -4.54 | 3.28 |
| Max drawdown (3Y) | -97.6% | -85.8% |
| Market cap | – | $4.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SMR |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | -67.9% |
| 2024 | -76.6% | +445.0% |
| 2025 | -61.4% | -21.0% |
| 2026 | -49.5% | -31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SMR good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SMR?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.54 over the last year and -0.29 over 5 years.
Is SMR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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.
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Related comparisons
Hubs: FNGD correlations · SMR correlations
