FNGD vs SPIR: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Spire Global, Inc. (SPIR) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPIR?
On 3 years of weekly data the FNGD/SPIR correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.42) than the 3-year average (-0.31). The 5-year figure is -0.35, and annualized covariance runs at -2200.6 %².
Within FNGD's tracked universe of 1743 assets, SPIR comes in at #922 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPIR ahead by 109.4 points (-55.7% versus +53.7%).
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 SPIR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPIR (Spire Global, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +53.7% |
| 5-year return | -99.4% | -81.3% |
| Volatility (ann.) | 75.7% | 94.0% |
| Beta vs S&P 500 | -4.54 | 2.35 |
| Max drawdown (3Y) | -97.6% | -66.2% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SPIR |
|---|---|---|
| 2022 | +52.2% | -71.6% |
| 2023 | -90.1% | +1.8% |
| 2024 | -76.6% | +79.9% |
| 2025 | -61.4% | -46.7% |
| 2026 | -49.5% | +86.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPIR good diversifiers for each other?
Yes. With a correlation of -0.31, FNGD and SPIR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SPIR?
The FNGD/SPIR correlation stands at -0.31 on a 3-year window (1 year: -0.42, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is SPIR a good diversifier for FNGD?
Yes. With a correlation of -0.31, FNGD and SPIR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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-spir.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-spir/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SPIR correlations
