FNGD vs SPG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Simon Property Group (SPG) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPG?
Across a 3-year window, the weekly returns of FNGD and SPG correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.15 versus -0.23 over 3 years. Stretching to 5 years gives -0.34, with an annualized covariance of -399.1 %².
Within FNGD's tracked universe of 1743 assets, SPG comes in at #282 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPG outperformed by 82.0 percentage points (-55.7% for FNGD against +26.3% for SPG). Note the risk asymmetry: FNGD runs 3.3 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 SPG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPG (Simon Property Group) | |
|---|---|---|
| 1-year return | -55.7% | +26.3% |
| 5-year return | -99.4% | +110.2% |
| Volatility (ann.) | 75.7% | 22.7% |
| Beta vs S&P 500 | -4.54 | 0.79 |
| Max drawdown (3Y) | -97.6% | -24.3% |
| Market cap | – | $81.6B |
| P/E (trailing) | 20.6 | 15.2 |
| Dividend yield | 0.00% | 4.05% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | FNGD | SPG |
|---|---|---|
| 2022 | +52.2% | -21.9% |
| 2023 | -90.1% | +29.2% |
| 2024 | -76.6% | +26.9% |
| 2025 | -61.4% | +12.9% |
| 2026 | -49.5% | +18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPG good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and SPG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SPG?
As of 2026-08-27, the correlation of weekly returns between FNGD and SPG is -0.23 over 3 years, 0.15 over 1 year and -0.34 over 5 years.
Is SPG a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and SPG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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-spg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-spg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SPG correlations
