FNGD vs XLK: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Technology Select Sector SPDR Fund (XLK) show a negative relationship: their 3-year correlation of weekly returns is -0.89.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XLK?
Over the past 3 years, FNGD and XLK moved with a correlation of -0.89, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.86 over 1 year against -0.89 over 3. Over 5 years the correlation is -0.88, and the annualized covariance of weekly returns is -1623.8 %².
Within FNGD's tracked universe of 1743 assets, XLK comes in at #1738 by 3-year correlation. The last year tells two different stories: XLK led by 99.1 percentage points, -55.7% for FNGD against +43.4% for XLK. Risk is not evenly split, since FNGD carries 3.2 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 XLK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -55.7% | +43.4% |
| 5-year return | -99.4% | +145.2% |
| Volatility (ann.) | 75.7% | 24.0% |
| Beta vs S&P 500 | -4.54 | 1.50 |
| Max drawdown (3Y) | -97.6% | -25.7% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.45% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $115.4B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLK sits in the Technology category at State Street Investment Management, with $115.4B under management, 73 holdings, a 0.08% expense ratio, a 0.45% trailing dividend yield.
Year-by-year returns
| Year | FNGD | XLK |
|---|---|---|
| 2022 | +52.2% | -27.7% |
| 2023 | -90.1% | +56.0% |
| 2024 | -76.6% | +21.6% |
| 2025 | -61.4% | +24.6% |
| 2026 | -49.5% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XLK good diversifiers for each other?
By historical standards, yes. A correlation of -0.89 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and XLK?
Using weekly returns as of 2026-08-27: -0.89 over 3 years, with -0.86 over the last year and -0.88 over 5 years.
Is XLK a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.89 means the two rarely move for the same reasons.
What does a correlation of -0.89 mean?
On the −1 to +1 scale, -0.89 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-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · XLK correlations
