FNGD vs SYK: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Stryker Corporation (SYK) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SYK?
Over the past 3 years, FNGD and SYK moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.04) than the 3-year average (-0.24). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -391.4 %².
Among the 1743 assets we track against FNGD, SYK ranks #371 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SYK ahead by 38.5 points (-55.7% versus -17.2%). Note the risk asymmetry: FNGD runs 3.5 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 SYK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SYK (Stryker Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -17.2% |
| 5-year return | -99.4% | +23.8% |
| Volatility (ann.) | 75.7% | 21.5% |
| Beta vs S&P 500 | -4.54 | 0.61 |
| Max drawdown (3Y) | -97.6% | -29.4% |
| Market cap | – | $123.6B |
| P/E (trailing) | 20.6 | 34.1 |
| Dividend yield | 0.00% | 1.06% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FNGD | SYK |
|---|---|---|
| 2022 | +52.2% | -7.4% |
| 2023 | -90.1% | +23.8% |
| 2024 | -76.6% | +21.3% |
| 2025 | -61.4% | -1.5% |
| 2026 | -49.5% | -7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SYK good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and SYK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SYK?
As of 2026-08-27, the correlation of weekly returns between FNGD and SYK is -0.24 over 3 years, 0.04 over 1 year and -0.41 over 5 years.
Is SYK a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and SYK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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-syk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-syk/)
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Related comparisons
Hubs: FNGD correlations · SYK correlations
