FNGD vs SPRY: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and ARS Pharmaceuticals, Inc. (SPRY) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPRY?
On 3 years of weekly data the FNGD/SPRY correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. The 5-year figure is -0.28, and annualized covariance runs at -1705.7 %².
By 3-year correlation, SPRY places #1055 of the 1743 assets tracked against FNGD. Twelve-month performance is nearly a tie, at -55.7% for FNGD and -55.1% for SPRY.
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 SPRY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPRY (ARS Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -55.1% |
| 5-year return | -99.4% | -73.8% |
| Volatility (ann.) | 75.7% | 68.4% |
| Beta vs S&P 500 | -4.54 | 1.73 |
| Max drawdown (3Y) | -97.6% | -72.0% |
| 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 | SPRY |
|---|---|---|
| 2022 | +52.2% | +28.1% |
| 2023 | -90.1% | -35.8% |
| 2024 | -76.6% | +92.5% |
| 2025 | -61.4% | +10.4% |
| 2026 | -49.5% | -48.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPRY good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SPRY?
As of 2026-08-27, the correlation of weekly returns between FNGD and SPRY is -0.33 over 3 years, -0.38 over 1 year and -0.28 over 5 years.
Is SPRY a good diversifier for FNGD?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-spry.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-spry/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SPRY correlations
