FNGD vs SXI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Standex International Corporation (SXI) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SXI?
On 3 years of weekly data the FNGD/SXI correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.30 over 3. The 5-year figure is -0.33, and annualized covariance runs at -743.8 %².
Among the 1743 assets we track against FNGD, SXI ranks #867 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SXI outperformed by 100.2 percentage points (-55.7% for FNGD against +44.5% for SXI). Note the risk asymmetry: FNGD runs 2.3 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 SXI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SXI (Standex International Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +44.5% |
| 5-year return | -99.4% | +218.6% |
| Volatility (ann.) | 75.7% | 33.0% |
| Beta vs S&P 500 | -4.54 | 1.04 |
| Max drawdown (3Y) | -97.6% | -38.0% |
| Market cap | – | $3.7B |
| P/E (trailing) | 20.6 | 35.2 |
| Dividend yield | 0.00% | 0.44% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SXI |
|---|---|---|
| 2022 | +52.2% | -6.5% |
| 2023 | -90.1% | +56.0% |
| 2024 | -76.6% | +18.9% |
| 2025 | -61.4% | +17.0% |
| 2026 | -49.5% | +40.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SXI good diversifiers for each other?
Yes. With a correlation of -0.30, FNGD and SXI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SXI?
The FNGD/SXI correlation stands at -0.30 on a 3-year window (1 year: -0.21, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is SXI a good diversifier for FNGD?
Yes. With a correlation of -0.30, FNGD and SXI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-sxi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-sxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · SXI correlations
