FNGD vs SNA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Snap-on (SNA) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SNA?
On 3 years of weekly data the FNGD/SNA correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.03) than the 3-year average (-0.27). The 5-year figure is -0.32, and annualized covariance runs at -426.8 %².
Within FNGD's tracked universe of 1743 assets, SNA comes in at #637 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SNA outperformed by 78.8 percentage points (-55.7% for FNGD against +23.1% for SNA). Risk is not evenly split, since FNGD carries 3.6 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 SNA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SNA (Snap-on) | |
|---|---|---|
| 1-year return | -55.7% | +23.1% |
| 5-year return | -99.4% | +99.6% |
| Volatility (ann.) | 75.7% | 21.3% |
| Beta vs S&P 500 | -4.54 | 0.70 |
| Max drawdown (3Y) | -97.6% | -20.8% |
| Market cap | – | $20.5B |
| P/E (trailing) | 20.6 | 20.2 |
| Dividend yield | 0.00% | 2.38% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | SNA |
|---|---|---|
| 2022 | +52.2% | +8.9% |
| 2023 | -90.1% | +29.7% |
| 2024 | -76.6% | +20.7% |
| 2025 | -61.4% | +4.3% |
| 2026 | -49.5% | +17.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SNA good diversifiers for each other?
Yes. With a correlation of -0.27, FNGD and SNA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SNA?
As of 2026-08-27, the correlation of weekly returns between FNGD and SNA is -0.27 over 3 years, -0.03 over 1 year and -0.32 over 5 years.
Is SNA a good diversifier for FNGD?
Yes. With a correlation of -0.27, FNGD and SNA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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-sna.json
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Related comparisons
Hubs: FNGD correlations · SNA correlations
