FNGD vs STRO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sutro Biopharma, Inc. (STRO) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STRO?
Over the past 3 years, FNGD and STRO moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.34 over 3. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -2906.2 %².
Among the 1743 assets we track against FNGD, STRO ranks #1108 by 3-year correlation. Correlation aside, the last 12 months split them widely, with STRO ahead by 192.5 points (-55.7% versus +136.8%).
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 STRO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STRO (Sutro Biopharma, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +136.8% |
| 5-year return | -99.4% | -90.2% |
| Volatility (ann.) | 75.7% | 112.5% |
| Beta vs S&P 500 | -4.54 | 3.52 |
| Max drawdown (3Y) | -97.6% | -90.8% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | STRO |
|---|---|---|
| 2022 | +52.2% | -45.7% |
| 2023 | -90.1% | -46.9% |
| 2024 | -76.6% | -57.1% |
| 2025 | -61.4% | -37.1% |
| 2026 | -49.5% | +84.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STRO good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and STRO?
As of 2026-08-27, the correlation of weekly returns between FNGD and STRO is -0.34 over 3 years, -0.34 over 1 year and -0.27 over 5 years.
Is STRO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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-stro.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-stro/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · STRO correlations
