FNGD vs SSB: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SouthState Bank Corporation (SSB) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SSB?
Across a 3-year window, the weekly returns of FNGD and SSB correlate at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.03 versus -0.20 over 3 years. Stretching to 5 years gives -0.22, with an annualized covariance of -436.9 %².
Within FNGD's tracked universe of 1743 assets, SSB comes in at #96 by 3-year correlation. The last year tells two different stories: SSB led by 62.5 percentage points, -55.7% for FNGD against +6.8% for SSB. Risk is not evenly split, since FNGD carries 2.6 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 SSB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SSB (SouthState Bank Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +6.8% |
| 5-year return | -99.4% | +76.5% |
| Volatility (ann.) | 75.7% | 28.6% |
| Beta vs S&P 500 | -4.54 | 0.95 |
| Max drawdown (3Y) | -97.6% | -27.6% |
| Market cap | – | $10.3B |
| P/E (trailing) | 20.6 | 11.2 |
| Dividend yield | 0.00% | 2.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SSB |
|---|---|---|
| 2022 | +52.2% | -2.4% |
| 2023 | -90.1% | +13.8% |
| 2024 | -76.6% | +20.7% |
| 2025 | -61.4% | -3.1% |
| 2026 | -49.5% | +14.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SSB good diversifiers for each other?
Yes. With a correlation of -0.20, FNGD and SSB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SSB?
As of 2026-08-27, the correlation of weekly returns between FNGD and SSB is -0.20 over 3 years, 0.03 over 1 year and -0.22 over 5 years.
Is SSB a good diversifier for FNGD?
Yes. With a correlation of -0.20, FNGD and SSB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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 · SSB correlations
