FNGD vs STLD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Steel Dynamics (STLD) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STLD?
Across a 3-year window, the weekly returns of FNGD and STLD correlate at -0.28, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.28). Stretching to 5 years gives -0.37, with an annualized covariance of -737.0 %².
Among the 1743 assets we track against FNGD, STLD ranks #732 by 3-year correlation. The last year tells two different stories: STLD led by 135.5 percentage points, -55.7% for FNGD against +79.8% for STLD. Risk is not evenly split, since FNGD carries 2.2 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 STLD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | -55.7% | +79.8% |
| 5-year return | -99.4% | +262.0% |
| Volatility (ann.) | 75.7% | 34.5% |
| Beta vs S&P 500 | -4.54 | 1.13 |
| Max drawdown (3Y) | -97.6% | -28.7% |
| Market cap | – | $33.8B |
| P/E (trailing) | 20.6 | 21.4 |
| Dividend yield | 0.00% | 0.87% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FNGD | STLD |
|---|---|---|
| 2022 | +52.2% | +60.1% |
| 2023 | -90.1% | +22.8% |
| 2024 | -76.6% | -2.0% |
| 2025 | -61.4% | +50.7% |
| 2026 | -49.5% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STLD good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and STLD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.11 over the last year and -0.37 over 5 years.
Is STLD a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-stld.json
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[](https://www.pairbook.io/pair/fngd-vs-stld/)
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Related comparisons
Hubs: FNGD correlations · STLD correlations
