FNGD vs SSD: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Simpson Manufacturing Company, Inc. (SSD) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SSD?
On 3 years of weekly data the FNGD/SSD correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.23 over 3 years. The 5-year figure is -0.34, and annualized covariance runs at -514.3 %².
Within FNGD's tracked universe of 1743 assets, SSD comes in at #283 by 3-year correlation. The last year tells two different stories: SSD led by 50.4 percentage points, -55.7% for FNGD against -5.3% for SSD. One caveat on sizing: FNGD is 2.6 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 SSD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SSD (Simpson Manufacturing Company, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -5.3% |
| 5-year return | -99.4% | +65.7% |
| Volatility (ann.) | 75.7% | 29.5% |
| Beta vs S&P 500 | -4.54 | 0.89 |
| Max drawdown (3Y) | -97.6% | -34.4% |
| Market cap | – | $7.5B |
| P/E (trailing) | 20.6 | 20.3 |
| Dividend yield | 0.00% | 0.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SSD |
|---|---|---|
| 2022 | +52.2% | -35.6% |
| 2023 | -90.1% | +125.4% |
| 2024 | -76.6% | -15.7% |
| 2025 | -61.4% | -1.9% |
| 2026 | -49.5% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SSD good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and SSD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SSD?
The FNGD/SSD correlation stands at -0.23 on a 3-year window (1 year: -0.05, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is SSD a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and SSD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ssd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ssd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SSD correlations
