DMAC vs FNGD: Correlation
DiaMedica Therapeutics Inc. (DMAC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMAC and FNGD?
Over the past 3 years, DMAC and FNGD moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -1155.9 %².
Out of 10 assets tracked against DMAC, FNGD lands near the bottom at #8. The last year tells two different stories: DMAC led by 68.6 percentage points, +12.9% for DMAC against -55.7% for FNGD.
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.
DMAC vs FNGD: side by side
| DMAC (DiaMedica Therapeutics Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +12.9% | -55.7% |
| 5-year return | +67.5% | -99.4% |
| Volatility (ann.) | 68.6% | 75.7% |
| Beta vs S&P 500 | 1.46 | -4.54 |
| Max drawdown (3Y) | -49.2% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMAC | FNGD |
|---|---|---|
| 2022 | -57.6% | +52.2% |
| 2023 | +79.7% | -90.1% |
| 2024 | +91.2% | -76.6% |
| 2025 | +46.6% | -61.4% |
| 2026 | -15.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMAC and FNGD good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DMAC and FNGD?
The DMAC/FNGD correlation stands at -0.22 on a 3-year window (1 year: -0.15, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DMAC?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/dmac-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dmac-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMAC correlations · FNGD correlations
