FNGD vs SPSC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SPS Commerce, Inc. (SPSC) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPSC?
On 3 years of weekly data the FNGD/SPSC correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.31). The 5-year figure is -0.41, and annualized covariance runs at -1033.7 %².
Among the 1743 assets we track against FNGD, SPSC ranks #923 by 3-year correlation. The last year tells two different stories: SPSC led by 30.3 percentage points, -55.7% for FNGD against -25.4% for SPSC. One caveat on sizing: FNGD is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPSC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPSC (SPS Commerce, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -25.4% |
| 5-year return | -99.4% | -38.6% |
| Volatility (ann.) | 75.7% | 44.2% |
| Beta vs S&P 500 | -4.54 | 1.10 |
| Max drawdown (3Y) | -97.6% | -76.8% |
| Market cap | – | $3.0B |
| P/E (trailing) | 20.6 | 40.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SPSC |
|---|---|---|
| 2022 | +52.2% | -9.8% |
| 2023 | -90.1% | +50.9% |
| 2024 | -76.6% | -5.1% |
| 2025 | -61.4% | -51.6% |
| 2026 | -49.5% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPSC good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SPSC?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.17 over the last year and -0.41 over 5 years.
Is SPSC a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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 · SPSC correlations
