FNGD vs SOR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Source Capital, Inc. Cmn Shs of BI (SOR) 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 SOR?
Over the past 3 years, FNGD and SOR moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.37 over 3. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -293.3 %².
Within FNGD's tracked universe of 1743 assets, SOR comes in at #1240 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SOR outperformed by 66.9 percentage points (-55.7% for FNGD against +11.2% for SOR). Note the risk asymmetry: FNGD runs 7.2 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 SOR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SOR (Source Capital, Inc. Cmn Shs of BI) | |
|---|---|---|
| 1-year return | -55.7% | +11.2% |
| 5-year return | -99.4% | +53.7% |
| Volatility (ann.) | 75.7% | 10.5% |
| Beta vs S&P 500 | -4.54 | 0.37 |
| Max drawdown (3Y) | -97.6% | -9.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 6.4 |
| Dividend yield | 0.00% | 5.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SOR |
|---|---|---|
| 2022 | +52.2% | -5.2% |
| 2023 | -90.1% | +12.6% |
| 2024 | -76.6% | +21.3% |
| 2025 | -61.4% | +11.5% |
| 2026 | -49.5% | +5.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SOR 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 SOR?
As of 2026-08-27, the correlation of weekly returns between FNGD and SOR is -0.37 over 3 years, -0.41 over 1 year and -0.46 over 5 years.
Is SOR 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?
On the −1 to +1 scale, -0.37 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-sor.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-sor/)
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Related comparisons
Hubs: FNGD correlations · SOR correlations
