FNGD vs XLRE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Real Estate Select Sector SPDR Fund (XLRE) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XLRE?
Over the past 3 years, FNGD and XLRE moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.07) runs above the 3-year figure (-0.18). Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -233.5 %².
Within FNGD's tracked universe of 1743 assets, XLRE comes in at #40 by 3-year correlation. The last year tells two different stories: XLRE led by 65.2 percentage points, -55.7% for FNGD against +9.5% for XLRE. Risk is not evenly split, since FNGD carries 4.5 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 XLRE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -55.7% | +9.5% |
| 5-year return | -99.4% | +11.4% |
| Volatility (ann.) | 75.7% | 16.7% |
| Beta vs S&P 500 | -4.54 | 0.57 |
| Max drawdown (3Y) | -97.6% | -16.6% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Year-by-year returns
| Year | FNGD | XLRE |
|---|---|---|
| 2022 | +52.2% | -26.2% |
| 2023 | -90.1% | +12.4% |
| 2024 | -76.6% | +5.1% |
| 2025 | -61.4% | +2.6% |
| 2026 | -49.5% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XLRE good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and XLRE?
The FNGD/XLRE correlation stands at -0.18 on a 3-year window (1 year: 0.07, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 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-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-xlre/)
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Related comparisons
Hubs: FNGD correlations · XLRE correlations
