FNGD vs STEP: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and StepStone Group Inc. (STEP) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STEP?
Across a 3-year window, the weekly returns of FNGD and STEP correlate at -0.48, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.47) sits close to the 3-year figure. Stretching to 5 years gives -0.51, with an annualized covariance of -1372.9 %².
By 3-year correlation, STEP places #1558 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months STEP outperformed by 38.6 percentage points (-55.7% for FNGD against -17.1% for STEP). Risk is not evenly split, since FNGD carries 2.0 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 STEP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STEP (StepStone Group Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -17.1% |
| 5-year return | -99.4% | +20.7% |
| Volatility (ann.) | 75.7% | 37.9% |
| Beta vs S&P 500 | -4.54 | 1.43 |
| Max drawdown (3Y) | -97.6% | -46.9% |
| Market cap | – | $6.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 2.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | STEP |
|---|---|---|
| 2022 | +52.2% | -37.8% |
| 2023 | -90.1% | +31.7% |
| 2024 | -76.6% | +85.9% |
| 2025 | -61.4% | +13.6% |
| 2026 | -49.5% | -19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STEP good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and STEP?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.47 over the last year and -0.51 over 5 years.
Is STEP a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-step.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-step/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · STEP correlations
