FNGD vs STNE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and StoneCo Ltd. - Class A Common Share (STNE) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STNE?
Across a 3-year window, the weekly returns of FNGD and STNE correlate at -0.29, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.29 over 3. Stretching to 5 years gives -0.40, with an annualized covariance of -1068.9 %².
By 3-year correlation, STNE places #799 of the 1743 assets tracked against FNGD. The last year tells two different stories: STNE led by 28.4 percentage points, -55.7% for FNGD against -27.3% for STNE. Note the risk asymmetry: FNGD runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 STNE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STNE (StoneCo Ltd. - Class A Common Share) | |
|---|---|---|
| 1-year return | -55.7% | -27.3% |
| 5-year return | -99.4% | -76.6% |
| Volatility (ann.) | 75.7% | 48.1% |
| Beta vs S&P 500 | -4.54 | 1.41 |
| Max drawdown (3Y) | -97.6% | -57.6% |
| Market cap | – | $2.2B |
| P/E (trailing) | 20.6 | 3.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | STNE |
|---|---|---|
| 2022 | +52.2% | -44.0% |
| 2023 | -90.1% | +91.0% |
| 2024 | -76.6% | -55.8% |
| 2025 | -61.4% | +85.6% |
| 2026 | -49.5% | -21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STNE 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 STNE?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.20 over the last year and -0.40 over 5 years.
Is STNE 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?
On the −1 to +1 scale, -0.29 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-stne.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-stne/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · STNE correlations
