FNGD vs SOUN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SoundHound AI, Inc. (SOUN) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SOUN?
On 3 years of weekly data the FNGD/SOUN correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.65) than the 3-year average (-0.40). The 5-year figure is -0.31, and annualized covariance runs at -3475.0 %².
Within FNGD's tracked universe of 1743 assets, SOUN comes in at #1370 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SOUN outperformed by 16.3 percentage points (-55.7% for FNGD against -39.4% for SOUN). Risk is not evenly split, since SOUN carries 1.5 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 SOUN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SOUN (SoundHound AI, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -39.4% |
| 5-year return | -99.4% | -3.7% |
| Volatility (ann.) | 75.7% | 114.8% |
| Beta vs S&P 500 | -4.54 | 3.35 |
| Max drawdown (3Y) | -97.6% | -76.5% |
| Market cap | – | $3.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SOUN |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | +19.8% |
| 2024 | -76.6% | +835.8% |
| 2025 | -61.4% | -49.7% |
| 2026 | -49.5% | -27.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SOUN good diversifiers for each other?
Yes. With a correlation of -0.40, FNGD and SOUN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SOUN?
The FNGD/SOUN correlation stands at -0.40 on a 3-year window (1 year: -0.65, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is SOUN a good diversifier for FNGD?
Yes. With a correlation of -0.40, FNGD and SOUN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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-soun.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-soun/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SOUN correlations
