FNGD vs SRFM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Surf Air Mobility Inc. (SRFM) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SRFM?
On 3 years of weekly data the FNGD/SRFM correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.26 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -2924.1 %².
By 3-year correlation, SRFM places #542 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months FNGD outperformed by 28.2 percentage points (-55.7% for FNGD against -83.9% for SRFM). Note the risk asymmetry: SRFM runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SRFM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SRFM (Surf Air Mobility Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -83.9% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 150.4% |
| Beta vs S&P 500 | -4.54 | 3.45 |
| Max drawdown (3Y) | -97.6% | -96.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SRFM |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | -50.3% |
| 2025 | -61.4% | -64.0% |
| 2026 | -49.5% | -62.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SRFM good diversifiers for each other?
Yes. With a correlation of -0.26, FNGD and SRFM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SRFM?
As of 2026-08-27, the correlation of weekly returns between FNGD and SRFM is -0.26 over 3 years, -0.45 over 1 year and n/a over 5 years.
Is SRFM a good diversifier for FNGD?
Yes. With a correlation of -0.26, FNGD and SRFM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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
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Related comparisons
Hubs: FNGD correlations · SRFM correlations
