DMRC vs FNGD: Correlation
Digimarc Corporation (DMRC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMRC and FNGD?
Over the past 3 years, DMRC and FNGD moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.57 over 1 year against -0.48 over 3. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -2769.9 %².
Out of 16 assets tracked against DMRC, FNGD lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months DMRC outperformed by 29.6 percentage points (-26.1% for DMRC 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.
DMRC vs FNGD: side by side
| DMRC (Digimarc Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -26.1% | -55.7% |
| 5-year return | -77.7% | -99.4% |
| Volatility (ann.) | 76.3% | 75.7% |
| Beta vs S&P 500 | 2.38 | -4.54 |
| Max drawdown (3Y) | -90.8% | -97.6% |
| 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 | DMRC | FNGD |
|---|---|---|
| 2022 | -53.2% | +52.2% |
| 2023 | +95.3% | -90.1% |
| 2024 | +3.7% | -76.6% |
| 2025 | -82.5% | -61.4% |
| 2026 | -4.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMRC and FNGD good diversifiers for each other?
Yes. With a correlation of -0.48, DMRC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DMRC and FNGD?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.57 over the last year and -0.46 over 5 years.
Is FNGD a good diversifier for DMRC?
Yes. With a correlation of -0.48, DMRC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 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/dmrc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dmrc-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMRC correlations · FNGD correlations
