FNGD vs SNPS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Synopsys (SNPS) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SNPS?
Over the past 3 years, FNGD and SNPS moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.35 versus -0.53 over 3 years. Over 5 years the correlation is -0.60, and the annualized covariance of weekly returns is -1710.0 %².
By 3-year correlation, SNPS places #1627 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with SNPS ahead by 32.8 points (-55.7% versus -22.9%). Note the risk asymmetry: FNGD runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SNPS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SNPS (Synopsys) | |
|---|---|---|
| 1-year return | -55.7% | -22.9% |
| 5-year return | -99.4% | +39.1% |
| Volatility (ann.) | 75.7% | 42.2% |
| Beta vs S&P 500 | -4.54 | 1.57 |
| Max drawdown (3Y) | -97.6% | -42.3% |
| Market cap | – | $89.1B |
| P/E (trailing) | 20.6 | 71.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | SNPS |
|---|---|---|
| 2022 | +52.2% | -13.4% |
| 2023 | -90.1% | +61.3% |
| 2024 | -76.6% | -5.7% |
| 2025 | -61.4% | -3.2% |
| 2026 | -49.5% | -1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SNPS good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SNPS?
Using weekly returns as of 2026-08-27: -0.53 over 3 years, with -0.35 over the last year and -0.60 over 5 years.
Is SNPS a good diversifier for FNGD?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 mean?
On the −1 to +1 scale, -0.53 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
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Related comparisons
Hubs: FNGD correlations · SNPS correlations
