AGEN vs FNGD: Correlation
How closely do Agenus Inc. (AGEN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGEN and FNGD?
On 3 years of weekly data the AGEN/FNGD correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.13 versus -0.29 over 3 years. The 5-year figure is -0.29, and annualized covariance runs at -2795.3 %².
Out of 11 assets tracked against AGEN, FNGD lands near the bottom at #10. The last year tells two different stories: AGEN led by 127.7 percentage points, +72.0% for AGEN against -55.7% for FNGD. Risk is not evenly split, since AGEN carries 1.7 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.
AGEN vs FNGD: side by side
| AGEN (Agenus Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +72.0% | -55.7% |
| 5-year return | -94.0% | -99.4% |
| Volatility (ann.) | 126.6% | 75.7% |
| Beta vs S&P 500 | 2.72 | -4.54 |
| Max drawdown (3Y) | -94.7% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | 2.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGEN | FNGD |
|---|---|---|
| 2022 | -25.5% | +52.2% |
| 2023 | -64.8% | -90.1% |
| 2024 | -83.5% | -76.6% |
| 2025 | +14.6% | -61.4% |
| 2026 | +148.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGEN and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between AGEN and FNGD?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.13 over the last year and -0.29 over 5 years.
Is FNGD a good diversifier for AGEN?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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/agen-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/agen-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AGEN correlations · FNGD correlations
