FNGD vs STGW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Stagwell Inc. (STGW) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STGW?
Over the past 3 years, FNGD and STGW moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -1079.3 %².
Within FNGD's tracked universe of 1743 assets, STGW comes in at #798 by 3-year correlation. The last year tells two different stories: STGW led by 114.8 percentage points, -55.7% for FNGD against +59.1% for STGW. Risk is not evenly split, since FNGD carries 1.5 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 STGW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STGW (Stagwell Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +59.1% |
| 5-year return | -99.4% | +30.4% |
| Volatility (ann.) | 75.7% | 49.1% |
| Beta vs S&P 500 | -4.54 | 1.28 |
| Max drawdown (3Y) | -97.6% | -48.6% |
| Market cap | – | $2.2B |
| P/E (trailing) | 20.6 | 148.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | STGW |
|---|---|---|
| 2022 | +52.2% | -28.4% |
| 2023 | -90.1% | +6.8% |
| 2024 | -76.6% | -0.8% |
| 2025 | -61.4% | -25.7% |
| 2026 | -49.5% | +81.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STGW good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and STGW?
As of 2026-08-27, the correlation of weekly returns between FNGD and STGW is -0.29 over 3 years, -0.24 over 1 year and -0.35 over 5 years.
Is STGW a good diversifier for FNGD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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-stgw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-stgw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · STGW correlations
