FNGD vs SSYS: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Stratasys, Ltd. (SSYS) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SSYS?
Across a 3-year window, the weekly returns of FNGD and SSYS correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.30 over 3 years. Stretching to 5 years gives -0.37, with an annualized covariance of -1166.3 %².
By 3-year correlation, SSYS places #866 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with SSYS ahead by 28.0 points (-55.7% versus -27.7%).
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 SSYS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SSYS (Stratasys, Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | -27.7% |
| 5-year return | -99.4% | -61.1% |
| Volatility (ann.) | 75.7% | 50.7% |
| Beta vs S&P 500 | -4.54 | 1.38 |
| Max drawdown (3Y) | -97.6% | -58.4% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SSYS |
|---|---|---|
| 2022 | +52.2% | -51.6% |
| 2023 | -90.1% | +20.4% |
| 2024 | -76.6% | -37.7% |
| 2025 | -61.4% | -2.4% |
| 2026 | -49.5% | -8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SSYS good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SSYS?
As of 2026-08-27, the correlation of weekly returns between FNGD and SSYS is -0.30 over 3 years, -0.44 over 1 year and -0.37 over 5 years.
Is SSYS a good diversifier for FNGD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-ssys.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ssys/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SSYS correlations
