FNGD vs SNAP: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Snap Inc. (SNAP) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SNAP?
Over the past 3 years, FNGD and SNAP moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.53) runs below the 3-year figure (-0.35). Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -1579.5 %².
Among the 1743 assets we track against FNGD, SNAP ranks #1159 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SNAP ahead by 32.0 points (-55.7% versus -23.7%).
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 SNAP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SNAP (Snap Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -23.7% |
| 5-year return | -99.4% | -92.8% |
| Volatility (ann.) | 75.7% | 59.8% |
| Beta vs S&P 500 | -4.54 | 1.59 |
| Max drawdown (3Y) | -97.6% | -77.5% |
| Market cap | – | $9.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SNAP |
|---|---|---|
| 2022 | +52.2% | -81.0% |
| 2023 | -90.1% | +89.2% |
| 2024 | -76.6% | -36.4% |
| 2025 | -61.4% | -25.1% |
| 2026 | -49.5% | -34.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SNAP good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SNAP?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.53 over the last year and -0.37 over 5 years.
Is SNAP a good diversifier for FNGD?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-snap.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-snap/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SNAP correlations
