FNGD vs XBI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XBI?
On 3 years of weekly data the FNGD/XBI correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. The 5-year figure is -0.50, and annualized covariance runs at -903.7 %².
By 3-year correlation, XBI places #1467 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with XBI ahead by 142.9 points (-55.7% versus +87.2%). Risk is not evenly split, since FNGD carries 2.7 times the volatility of the other side.
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 XBI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -55.7% | +87.2% |
| 5-year return | -99.4% | +28.6% |
| Volatility (ann.) | 75.7% | 27.7% |
| Beta vs S&P 500 | -4.54 | 1.09 |
| Max drawdown (3Y) | -97.6% | -33.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | FNGD | XBI |
|---|---|---|
| 2022 | +52.2% | -25.9% |
| 2023 | -90.1% | +7.6% |
| 2024 | -76.6% | +1.0% |
| 2025 | -61.4% | +35.9% |
| 2026 | -49.5% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XBI good diversifiers for each other?
Yes. With a correlation of -0.43, FNGD and XBI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and XBI?
The FNGD/XBI correlation stands at -0.43 on a 3-year window (1 year: -0.39, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for FNGD?
Yes. With a correlation of -0.43, FNGD and XBI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 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
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Related comparisons
Hubs: FNGD correlations · XBI correlations
