FNGD vs SYBT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Stock Yards Bancorp, Inc. (SYBT) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SYBT?
On 3 years of weekly data the FNGD/SYBT correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.01 versus -0.24 over 3 years. The 5-year figure is -0.24, and annualized covariance runs at -550.2 %².
By 3-year correlation, SYBT places #370 of the 1743 assets tracked against FNGD. The last year tells two different stories: SYBT led by 54.6 percentage points, -55.7% for FNGD against -1.1% for SYBT. Note the risk asymmetry: FNGD runs 2.5 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 SYBT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SYBT (Stock Yards Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -1.1% |
| 5-year return | -99.4% | +73.4% |
| Volatility (ann.) | 75.7% | 29.9% |
| Beta vs S&P 500 | -4.54 | 0.94 |
| Max drawdown (3Y) | -97.6% | -24.2% |
| Market cap | – | $2.5B |
| P/E (trailing) | 20.6 | 16.0 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SYBT |
|---|---|---|
| 2022 | +52.2% | +3.6% |
| 2023 | -90.1% | -18.8% |
| 2024 | -76.6% | +42.2% |
| 2025 | -61.4% | -7.7% |
| 2026 | -49.5% | +23.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SYBT good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and SYBT?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.01 over the last year and -0.24 over 5 years.
Is SYBT a good diversifier for FNGD?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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
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Related comparisons
Hubs: FNGD correlations · SYBT correlations
