FNGD vs STEW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SRH Total Return Fund, Inc. (STEW) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STEW?
Across a 3-year window, the weekly returns of FNGD and STEW correlate at -0.41, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.41 over 3 years. Stretching to 5 years gives -0.47, with an annualized covariance of -443.6 %².
Among the 1743 assets we track against FNGD, STEW ranks #1399 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months STEW outperformed by 60.9 percentage points (-55.7% for FNGD against +5.2% for STEW). Risk is not evenly split, since FNGD carries 5.4 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 STEW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STEW (SRH Total Return Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +5.2% |
| 5-year return | -99.4% | +61.2% |
| Volatility (ann.) | 75.7% | 14.1% |
| Beta vs S&P 500 | -4.54 | 0.67 |
| Max drawdown (3Y) | -97.6% | -10.5% |
| Market cap | – | $1.8B |
| P/E (trailing) | 20.6 | 12.1 |
| Dividend yield | 0.00% | 3.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | STEW |
|---|---|---|
| 2022 | +52.2% | -7.3% |
| 2023 | -90.1% | +13.5% |
| 2024 | -76.6% | +19.9% |
| 2025 | -61.4% | +20.3% |
| 2026 | -49.5% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STEW good diversifiers for each other?
Yes. With a correlation of -0.41, FNGD and STEW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and STEW?
The FNGD/STEW correlation stands at -0.41 on a 3-year window (1 year: -0.17, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is STEW a good diversifier for FNGD?
Yes. With a correlation of -0.41, FNGD and STEW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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-stew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-stew/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · STEW correlations
