FNGD vs SMRT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SmartRent, Inc. (SMRT) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SMRT?
On 3 years of weekly data the FNGD/SMRT correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.30 over 3. The 5-year figure is -0.36, and annualized covariance runs at -1503.6 %².
Within FNGD's tracked universe of 1743 assets, SMRT comes in at #864 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SMRT outperformed by 48.2 percentage points (-55.7% for FNGD against -7.5% for SMRT).
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 SMRT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SMRT (SmartRent, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -7.5% |
| 5-year return | -99.4% | -89.1% |
| Volatility (ann.) | 75.7% | 66.0% |
| Beta vs S&P 500 | -4.54 | 1.68 |
| Max drawdown (3Y) | -97.6% | -79.4% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SMRT |
|---|---|---|
| 2022 | +52.2% | -74.9% |
| 2023 | -90.1% | +31.3% |
| 2024 | -76.6% | -45.1% |
| 2025 | -61.4% | +15.4% |
| 2026 | -49.5% | -32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SMRT good diversifiers for each other?
Yes. With a correlation of -0.30, FNGD and SMRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SMRT?
The FNGD/SMRT correlation stands at -0.30 on a 3-year window (1 year: -0.27, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is SMRT a good diversifier for FNGD?
Yes. With a correlation of -0.30, FNGD and SMRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-smrt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-smrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SMRT correlations
