FNGD vs SPGI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and S&P Global (SPGI) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPGI?
On 3 years of weekly data the FNGD/SPGI correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.29) than the 3-year average (-0.43). The 5-year figure is -0.51, and annualized covariance runs at -796.8 %².
Among the 1743 assets we track against FNGD, SPGI ranks #1463 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPGI outperformed by 40.1 percentage points (-55.7% for FNGD against -15.6% for SPGI). Risk is not evenly split, since FNGD carries 3.1 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 SPGI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPGI (S&P Global) | |
|---|---|---|
| 1-year return | -55.7% | -15.6% |
| 5-year return | -99.4% | +8.1% |
| Volatility (ann.) | 75.7% | 24.7% |
| Beta vs S&P 500 | -4.54 | 0.86 |
| Max drawdown (3Y) | -97.6% | -30.5% |
| Market cap | – | $128.4B |
| P/E (trailing) | 20.6 | 26.6 |
| Dividend yield | 0.00% | 0.88% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | SPGI |
|---|---|---|
| 2022 | +52.2% | -28.4% |
| 2023 | -90.1% | +32.8% |
| 2024 | -76.6% | +13.9% |
| 2025 | -61.4% | +5.7% |
| 2026 | -49.5% | -11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPGI good diversifiers for each other?
Yes. With a correlation of -0.43, FNGD and SPGI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SPGI?
The FNGD/SPGI correlation stands at -0.43 on a 3-year window (1 year: -0.29, 5 years: -0.51), computed from weekly returns as of 2026-08-27.
Is SPGI a good diversifier for FNGD?
Yes. With a correlation of -0.43, FNGD and SPGI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · SPGI correlations
