FNGD vs XPL: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Solitario Resources Corp. (XPL) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XPL?
Across a 3-year window, the weekly returns of FNGD and XPL correlate at -0.34, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.34). Stretching to 5 years gives -0.21, with an annualized covariance of -1246.0 %².
Within FNGD's tracked universe of 1743 assets, XPL comes in at #1117 by 3-year correlation. The last year tells two different stories: XPL led by 61.1 percentage points, -55.7% for FNGD against +5.4% for XPL. Note the risk asymmetry: FNGD runs 1.6 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 XPL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XPL (Solitario Resources Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +5.4% |
| 5-year return | -99.4% | +45.0% |
| Volatility (ann.) | 75.7% | 48.2% |
| Beta vs S&P 500 | -4.54 | 1.10 |
| Max drawdown (3Y) | -97.6% | -42.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | XPL |
|---|---|---|
| 2022 | +52.2% | +24.0% |
| 2023 | -90.1% | -9.7% |
| 2024 | -76.6% | +5.4% |
| 2025 | -61.4% | +18.6% |
| 2026 | -49.5% | +16.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XPL good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and XPL?
The FNGD/XPL correlation stands at -0.34 on a 3-year window (1 year: -0.47, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is XPL a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-xpl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-xpl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · XPL correlations
