FNGD vs IDXX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Idexx Laboratories (IDXX) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IDXX?
On 3 years of weekly data the FNGD/IDXX correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.37 over 3 years. The 5-year figure is -0.47, and annualized covariance runs at -862.4 %².
Within FNGD's tracked universe of 1743 assets, IDXX comes in at #1226 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IDXX outperformed by 40.8 percentage points (-55.7% for FNGD against -14.9% for IDXX). Risk is not evenly split, since FNGD carries 2.4 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 IDXX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IDXX (Idexx Laboratories) | |
|---|---|---|
| 1-year return | -55.7% | -14.9% |
| 5-year return | -99.4% | -20.7% |
| Volatility (ann.) | 75.7% | 30.9% |
| Beta vs S&P 500 | -4.54 | 1.01 |
| Max drawdown (3Y) | -97.6% | -37.4% |
| Market cap | – | $42.9B |
| P/E (trailing) | 20.6 | 38.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FNGD | IDXX |
|---|---|---|
| 2022 | +52.2% | -38.0% |
| 2023 | -90.1% | +36.1% |
| 2024 | -76.6% | -25.5% |
| 2025 | -61.4% | +63.6% |
| 2026 | -49.5% | -19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IDXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and IDXX?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.23 over the last year and -0.47 over 5 years.
Is IDXX a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 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-idxx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-idxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · IDXX correlations
