FNGD vs SWKS: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Skyworks Solutions (SWKS) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SWKS?
Across a 3-year window, the weekly returns of FNGD and SWKS correlate at -0.38, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.38). Stretching to 5 years gives -0.48, with an annualized covariance of -1147.1 %².
Among the 1743 assets we track against FNGD, SWKS ranks #1291 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SWKS outperformed by 47.0 percentage points (-55.7% for FNGD against -8.7% for SWKS). 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 SWKS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SWKS (Skyworks Solutions) | |
|---|---|---|
| 1-year return | -55.7% | -8.7% |
| 5-year return | -99.4% | -58.3% |
| Volatility (ann.) | 75.7% | 40.0% |
| Beta vs S&P 500 | -4.54 | 1.43 |
| Max drawdown (3Y) | -97.6% | -58.2% |
| Market cap | – | $10.1B |
| P/E (trailing) | 20.6 | 34.9 |
| Dividend yield | 0.00% | 4.26% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | SWKS |
|---|---|---|
| 2022 | +52.2% | -39.9% |
| 2023 | -90.1% | +26.5% |
| 2024 | -76.6% | -18.9% |
| 2025 | -61.4% | -25.5% |
| 2026 | -49.5% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SWKS good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SWKS?
As of 2026-08-27, the correlation of weekly returns between FNGD and SWKS is -0.38 over 3 years, -0.25 over 1 year and -0.48 over 5 years.
Is SWKS a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
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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Hubs: FNGD correlations · SWKS correlations
