FNGD vs SPYG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of -0.94, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPYG?
On 3 years of weekly data the FNGD/SPYG correlation comes out at -0.94, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.92) sits close to the 3-year figure. The 5-year figure is -0.90, and annualized covariance runs at -1354.2 %².
Among the 1743 assets we track against FNGD, SPYG sits near the bottom by co-movement, at rank #1741. The last year tells two different stories: SPYG led by 78.1 percentage points, -55.7% for FNGD against +22.4% for SPYG. Risk is not evenly split, since FNGD carries 4.0 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 SPYG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | -55.7% | +22.4% |
| 5-year return | -99.4% | +85.9% |
| Volatility (ann.) | 75.7% | 18.9% |
| Beta vs S&P 500 | -4.54 | 1.25 |
| Max drawdown (3Y) | -97.6% | -22.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | US Listed | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | FNGD | SPYG |
|---|---|---|
| 2022 | +52.2% | -29.4% |
| 2023 | -90.1% | +30.0% |
| 2024 | -76.6% | +36.0% |
| 2025 | -61.4% | +22.1% |
| 2026 | -49.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPYG good diversifiers for each other?
Yes. With a correlation of -0.94, FNGD and SPYG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SPYG?
Using weekly returns as of 2026-08-27: -0.94 over 3 years, with -0.92 over the last year and -0.90 over 5 years.
Is SPYG a good diversifier for FNGD?
Yes. With a correlation of -0.94, FNGD and SPYG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.94 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-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SPYG correlations
