FNGD vs SW: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Smurfit Westrock (SW) trade together? Their weekly returns over three years give a correlation of -0.14, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SW?
On 3 years of weekly data the FNGD/SW correlation comes out at -0.14, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.06) than the 3-year average (-0.14). The 5-year figure is -0.27, and annualized covariance runs at -415.8 %².
By 3-year correlation, SW places #6 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with SW ahead by 65.4 points (-55.7% versus +9.7%). Note the risk asymmetry: FNGD runs 1.9 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 SW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | -55.7% | +9.7% |
| 5-year return | -99.4% | +2.6% |
| Volatility (ann.) | 75.7% | 40.1% |
| Beta vs S&P 500 | -4.54 | 0.92 |
| Max drawdown (3Y) | -97.6% | -40.5% |
| Market cap | – | $25.5B |
| P/E (trailing) | 20.6 | 51.7 |
| Dividend yield | 0.00% | 3.57% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FNGD | SW |
|---|---|---|
| 2022 | +52.2% | -28.0% |
| 2023 | -90.1% | +14.1% |
| 2024 | -76.6% | +37.6% |
| 2025 | -61.4% | -26.2% |
| 2026 | -49.5% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SW good diversifiers for each other?
Yes: at -0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SW?
As of 2026-08-27, the correlation of weekly returns between FNGD and SW is -0.14 over 3 years, 0.06 over 1 year and -0.27 over 5 years.
Is SW a good diversifier for FNGD?
Yes: at -0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.14 mean?
A reading of -0.14 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-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SW correlations
