FNGD vs STRA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Strategic Education, Inc. (STRA) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STRA?
Over the past 3 years, FNGD and STRA moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.22). Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -585.8 %².
Among the 1743 assets we track against FNGD, STRA ranks #209 by 3-year correlation. The last year tells two different stories: STRA led by 63.8 percentage points, -55.7% for FNGD against +8.1% for STRA. Note the risk asymmetry: FNGD runs 2.2 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 STRA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STRA (Strategic Education, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +8.1% |
| 5-year return | -99.4% | +27.6% |
| Volatility (ann.) | 75.7% | 34.7% |
| Beta vs S&P 500 | -4.54 | 0.80 |
| Max drawdown (3Y) | -97.6% | -38.1% |
| Market cap | – | $1.9B |
| P/E (trailing) | 20.6 | 14.2 |
| Dividend yield | 0.00% | 2.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | STRA |
|---|---|---|
| 2022 | +52.2% | +40.4% |
| 2023 | -90.1% | +21.4% |
| 2024 | -76.6% | +3.5% |
| 2025 | -61.4% | -11.6% |
| 2026 | -49.5% | +8.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STRA good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and STRA?
As of 2026-08-27, the correlation of weekly returns between FNGD and STRA is -0.22 over 3 years, -0.09 over 1 year and -0.24 over 5 years.
Is STRA a good diversifier for FNGD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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-stra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-stra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · STRA correlations
