FNGD vs SOXX: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares Semiconductor ETF (SOXX) trade together? Their weekly returns over three years give a correlation of -0.73, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SOXX?
Over the past 3 years, FNGD and SOXX moved with a correlation of -0.73, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.59 versus -0.73 over 3 years. Over 5 years the correlation is -0.75, and the annualized covariance of weekly returns is -1944.2 %².
Within FNGD's tracked universe of 1743 assets, SOXX comes in at #1712 by 3-year correlation. The last year tells two different stories: SOXX led by 165.7 percentage points, -55.7% for FNGD against +110.0% for SOXX. One caveat on sizing: FNGD is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SOXX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | -55.7% | +110.0% |
| 5-year return | -99.4% | +247.5% |
| Volatility (ann.) | 75.7% | 35.2% |
| Beta vs S&P 500 | -4.54 | 1.93 |
| Max drawdown (3Y) | -97.6% | -41.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.29% |
| Expense ratio | – | 0.33% |
| Assets under management | – | $44.7B |
| Sector / category | US Listed | ETF · Thematic |
On the fund side, SOXX sits in the Technology category at iShares, with $44.7B under management, 30 holdings, a 0.33% expense ratio, a 0.29% trailing dividend yield.
Year-by-year returns
| Year | FNGD | SOXX |
|---|---|---|
| 2022 | +52.2% | -35.1% |
| 2023 | -90.1% | +67.1% |
| 2024 | -76.6% | +12.9% |
| 2025 | -61.4% | +40.7% |
| 2026 | -49.5% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SOXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.73 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SOXX?
The FNGD/SOXX correlation stands at -0.73 on a 3-year window (1 year: -0.59, 5 years: -0.75), computed from weekly returns as of 2026-08-27.
Is SOXX a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.73 means the two rarely move for the same reasons.
What does a correlation of -0.73 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-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SOXX correlations
