FNGD vs STKE: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sol Strategies Inc. (STKE) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STKE?
Over the past 3 years, FNGD and STKE moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.25 over 3 years. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -3616.9 %².
Among the 1743 assets we track against FNGD, STKE ranks #463 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FNGD ahead by 26.3 points (-55.7% versus -82.0%). One caveat on sizing: STKE is 2.5 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 STKE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STKE (Sol Strategies Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -82.0% |
| 5-year return | -99.4% | +19.6% |
| Volatility (ann.) | 75.7% | 187.9% |
| Beta vs S&P 500 | -4.54 | 3.39 |
| Max drawdown (3Y) | -97.6% | -97.4% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | STKE |
|---|---|---|
| 2022 | +52.2% | -63.5% |
| 2023 | -90.1% | +62.0% |
| 2024 | -76.6% | +2467.9% |
| 2025 | -61.4% | -90.8% |
| 2026 | -49.5% | -12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STKE good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and STKE?
As of 2026-08-27, the correlation of weekly returns between FNGD and STKE is -0.25 over 3 years, -0.40 over 1 year and -0.19 over 5 years.
Is STKE a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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.
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Related comparisons
Hubs: FNGD correlations · STKE correlations
