FNGD vs STT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and State Street Corporation (STT) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STT?
Over the past 3 years, FNGD and STT moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.22) runs above the 3-year figure (-0.38). Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -655.0 %².
Among the 1743 assets we track against FNGD, STT ranks #1290 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months STT outperformed by 128.4 percentage points (-55.7% for FNGD against +72.7% for STT). Risk is not evenly split, since FNGD carries 3.3 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 STT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STT (State Street Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +72.7% |
| 5-year return | -99.4% | +144.9% |
| Volatility (ann.) | 75.7% | 22.9% |
| Beta vs S&P 500 | -4.54 | 0.97 |
| Max drawdown (3Y) | -97.6% | -25.7% |
| Market cap | – | $53.1B |
| P/E (trailing) | 20.6 | 17.1 |
| Dividend yield | 0.00% | 1.74% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | STT |
|---|---|---|
| 2022 | +52.2% | -13.8% |
| 2023 | -90.1% | +3.5% |
| 2024 | -76.6% | +30.2% |
| 2025 | -61.4% | +35.5% |
| 2026 | -49.5% | +52.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STT good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and STT?
As of 2026-08-27, the correlation of weekly returns between FNGD and STT is -0.38 over 3 years, -0.22 over 1 year and -0.44 over 5 years.
Is STT a good diversifier for FNGD?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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.
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Related comparisons
Hubs: FNGD correlations · STT correlations
