FNGD vs STVN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Stevanato Group S.p.A. (STVN) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and STVN?
Over the past 3 years, FNGD and STVN moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.23). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -820.1 %².
Within FNGD's tracked universe of 1743 assets, STVN comes in at #284 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months STVN outperformed by 55.6 percentage points (-55.7% for FNGD against -0.1% for STVN). 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 STVN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | STVN (Stevanato Group S.p.A.) | |
|---|---|---|
| 1-year return | -55.7% | -0.1% |
| 5-year return | -99.4% | -6.9% |
| Volatility (ann.) | 75.7% | 47.2% |
| Beta vs S&P 500 | -4.54 | 0.80 |
| Max drawdown (3Y) | -97.6% | -61.0% |
| Market cap | – | $6.1B |
| P/E (trailing) | 20.6 | 39.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | STVN |
|---|---|---|
| 2022 | +52.2% | -19.7% |
| 2023 | -90.1% | +52.2% |
| 2024 | -76.6% | -19.9% |
| 2025 | -61.4% | -7.4% |
| 2026 | -49.5% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and STVN good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and STVN?
As of 2026-08-27, the correlation of weekly returns between FNGD and STVN is -0.23 over 3 years, -0.43 over 1 year and -0.30 over 5 years.
Is STVN a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-stvn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-stvn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · STVN correlations
