FNGD vs SNX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TD SYNNEX Corporation (SNX) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SNX?
Over the past 3 years, FNGD and SNX moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.41 over 3. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -962.0 %².
By 3-year correlation, SNX places #1398 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with SNX ahead by 131.9 points (-55.7% versus +76.2%). Risk is not evenly split, since FNGD carries 2.4 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 SNX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SNX (TD SYNNEX Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +76.2% |
| 5-year return | -99.4% | +114.5% |
| Volatility (ann.) | 75.7% | 31.3% |
| Beta vs S&P 500 | -4.54 | 1.15 |
| Max drawdown (3Y) | -97.6% | -33.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 18.6 |
| Dividend yield | 0.00% | 0.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SNX |
|---|---|---|
| 2022 | +52.2% | -16.1% |
| 2023 | -90.1% | +15.3% |
| 2024 | -76.6% | +10.5% |
| 2025 | -61.4% | +29.8% |
| 2026 | -49.5% | +74.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SNX good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SNX?
As of 2026-08-27, the correlation of weekly returns between FNGD and SNX is -0.41 over 3 years, -0.36 over 1 year and -0.44 over 5 years.
Is SNX a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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-snx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-snx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SNX correlations
