FNGD vs SMTC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Semtech Corporation (SMTC) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SMTC?
On 3 years of weekly data the FNGD/SMTC correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. The 5-year figure is -0.39, and annualized covariance runs at -1745.8 %².
Among the 1743 assets we track against FNGD, SMTC ranks #1106 by 3-year correlation. The last year tells two different stories: SMTC led by 200.7 percentage points, -55.7% for FNGD against +145.0% for SMTC.
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 SMTC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SMTC (Semtech Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +145.0% |
| 5-year return | -99.4% | +103.9% |
| Volatility (ann.) | 75.7% | 68.2% |
| Beta vs S&P 500 | -4.54 | 2.23 |
| Max drawdown (3Y) | -97.6% | -68.5% |
| Market cap | – | $13.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SMTC |
|---|---|---|
| 2022 | +52.2% | -67.7% |
| 2023 | -90.1% | -23.6% |
| 2024 | -76.6% | +182.3% |
| 2025 | -61.4% | +19.1% |
| 2026 | -49.5% | +93.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SMTC good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SMTC?
As of 2026-08-27, the correlation of weekly returns between FNGD and SMTC is -0.34 over 3 years, -0.38 over 1 year and -0.39 over 5 years.
Is SMTC a good diversifier for FNGD?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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-smtc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-smtc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SMTC correlations
