FNGD vs STRL: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sterling Infrastructure, Inc. (STRL) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STRL?
Over the past 3 years, FNGD and STRL moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.20) runs above the 3-year figure (-0.39). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -2001.2 %².
By 3-year correlation, STRL places #1331 of the 1743 assets tracked against FNGD. The last year tells two different stories: STRL led by 130.7 percentage points, -55.7% for FNGD against +75.0% for STRL.
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 STRL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STRL (Sterling Infrastructure, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +75.0% |
| 5-year return | -99.4% | +2095.9% |
| Volatility (ann.) | 75.7% | 66.9% |
| Beta vs S&P 500 | -4.54 | 2.13 |
| Max drawdown (3Y) | -97.6% | -51.1% |
| Market cap | – | $15.5B |
| P/E (trailing) | 20.6 | 36.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | STRL |
|---|---|---|
| 2022 | +52.2% | +24.7% |
| 2023 | -90.1% | +168.1% |
| 2024 | -76.6% | +91.6% |
| 2025 | -61.4% | +81.8% |
| 2026 | -49.5% | +65.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STRL good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and STRL?
The FNGD/STRL correlation stands at -0.39 on a 3-year window (1 year: -0.20, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is STRL a good diversifier for FNGD?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
A reading of -0.39 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
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Related comparisons
Hubs: FNGD correlations · STRL correlations
