FNGD vs SPYV: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPYV?
Over the past 3 years, FNGD and SPYV moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.40) runs above the 3-year figure (-0.51). Over 5 years the correlation is -0.59, and the annualized covariance of weekly returns is -465.9 %².
Within FNGD's tracked universe of 1743 assets, SPYV comes in at #1609 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYV ahead by 74.2 points (-55.7% versus +18.5%). Risk is not evenly split, since FNGD carries 6.3 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 SPYV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -55.7% | +18.5% |
| 5-year return | -99.4% | +73.5% |
| Volatility (ann.) | 75.7% | 12.1% |
| Beta vs S&P 500 | -4.54 | 0.70 |
| Max drawdown (3Y) | -97.6% | -17.5% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | FNGD | SPYV |
|---|---|---|
| 2022 | +52.2% | -5.3% |
| 2023 | -90.1% | +22.2% |
| 2024 | -76.6% | +12.2% |
| 2025 | -61.4% | +13.2% |
| 2026 | -49.5% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPYV good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SPYV?
The FNGD/SPYV correlation stands at -0.51 on a 3-year window (1 year: -0.40, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for FNGD?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
A reading of -0.51 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-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SPYV correlations
