FNGD vs SPCE: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Virgin Galactic Holdings, Inc. (SPCE) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPCE?
On 3 years of weekly data the FNGD/SPCE correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.38 over 3 years. The 5-year figure is -0.42, and annualized covariance runs at -2866.9 %².
By 3-year correlation, SPCE places #1287 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months SPCE outperformed by 52.8 percentage points (-55.7% for FNGD against -2.9% for SPCE).
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 SPCE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPCE (Virgin Galactic Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -2.9% |
| 5-year return | -99.4% | -99.4% |
| Volatility (ann.) | 75.7% | 100.5% |
| Beta vs S&P 500 | -4.54 | 2.82 |
| Max drawdown (3Y) | -97.6% | -96.0% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SPCE |
|---|---|---|
| 2022 | +52.2% | -74.0% |
| 2023 | -90.1% | -29.6% |
| 2024 | -76.6% | -88.0% |
| 2025 | -61.4% | -45.4% |
| 2026 | -49.5% | -6.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPCE good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SPCE?
As of 2026-08-27, the correlation of weekly returns between FNGD and SPCE is -0.38 over 3 years, -0.51 over 1 year and -0.42 over 5 years.
Is SPCE a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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.
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Related comparisons
Hubs: FNGD correlations · SPCE correlations
