FNGD vs SPXC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SPX Technologies, Inc. (SPXC) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPXC?
Across a 3-year window, the weekly returns of FNGD and SPXC correlate at -0.37, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.37). Stretching to 5 years gives -0.42, with an annualized covariance of -931.8 %².
Among the 1743 assets we track against FNGD, SPXC ranks #1241 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPXC outperformed by 62.4 percentage points (-55.7% for FNGD against +6.7% for SPXC). One caveat on sizing: FNGD is 2.2 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 SPXC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPXC (SPX Technologies, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +6.7% |
| 5-year return | -99.4% | +226.0% |
| Volatility (ann.) | 75.7% | 33.7% |
| Beta vs S&P 500 | -4.54 | 1.20 |
| Max drawdown (3Y) | -97.6% | -33.5% |
| Market cap | – | $10.3B |
| P/E (trailing) | 20.6 | 36.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SPXC |
|---|---|---|
| 2022 | +52.2% | +10.0% |
| 2023 | -90.1% | +53.9% |
| 2024 | -76.6% | +44.1% |
| 2025 | -61.4% | +37.5% |
| 2026 | -49.5% | +2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPXC good diversifiers for each other?
Yes. With a correlation of -0.37, FNGD and SPXC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SPXC?
As of 2026-08-27, the correlation of weekly returns between FNGD and SPXC is -0.37 over 3 years, -0.08 over 1 year and -0.42 over 5 years.
Is SPXC a good diversifier for FNGD?
Yes. With a correlation of -0.37, FNGD and SPXC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
A reading of -0.37 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 · SPXC correlations
