FNGD vs SONO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sonos, Inc. (SONO) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SONO?
Across a 3-year window, the weekly returns of FNGD and SONO correlate at -0.37, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives -0.42, with an annualized covariance of -1252.4 %².
Within FNGD's tracked universe of 1743 assets, SONO comes in at #1239 by 3-year correlation. The last year tells two different stories: SONO led by 64.0 percentage points, -55.7% for FNGD against +8.3% for SONO. Note the risk asymmetry: FNGD runs 1.7 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 SONO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SONO (Sonos, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +8.3% |
| 5-year return | -99.4% | -61.8% |
| Volatility (ann.) | 75.7% | 44.8% |
| Beta vs S&P 500 | -4.54 | 1.66 |
| Max drawdown (3Y) | -97.6% | -60.5% |
| Market cap | – | $1.8B |
| P/E (trailing) | 20.6 | 33.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SONO |
|---|---|---|
| 2022 | +52.2% | -43.3% |
| 2023 | -90.1% | +1.4% |
| 2024 | -76.6% | -12.3% |
| 2025 | -61.4% | +16.8% |
| 2026 | -49.5% | -14.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SONO good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SONO?
As of 2026-08-27, the correlation of weekly returns between FNGD and SONO is -0.37 over 3 years, -0.32 over 1 year and -0.42 over 5 years.
Is SONO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-sono.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-sono/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SONO correlations
