FNGD vs IDYA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and IDEAYA Biosciences, Inc. (IDYA) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IDYA?
Over the past 3 years, FNGD and IDYA moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.23) runs above the 3-year figure (-0.39). Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -1341.4 %².
Among the 1743 assets we track against FNGD, IDYA ranks #1311 by 3-year correlation. The last year tells two different stories: IDYA led by 122.8 percentage points, -55.7% for FNGD against +67.1% for IDYA. Note the risk asymmetry: FNGD runs 1.7 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 IDYA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IDYA (IDEAYA Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +67.1% |
| 5-year return | -99.4% | +82.5% |
| Volatility (ann.) | 75.7% | 45.3% |
| Beta vs S&P 500 | -4.54 | 1.37 |
| Max drawdown (3Y) | -97.6% | -69.2% |
| Market cap | – | $4.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IDYA |
|---|---|---|
| 2022 | +52.2% | -23.1% |
| 2023 | -90.1% | +95.8% |
| 2024 | -76.6% | -27.8% |
| 2025 | -61.4% | +34.5% |
| 2026 | -49.5% | +20.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IDYA good diversifiers for each other?
Yes. With a correlation of -0.39, FNGD and IDYA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IDYA?
As of 2026-08-27, the correlation of weekly returns between FNGD and IDYA is -0.39 over 3 years, -0.23 over 1 year and -0.25 over 5 years.
Is IDYA a good diversifier for FNGD?
Yes. With a correlation of -0.39, FNGD and IDYA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 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/fngd-vs-idya.json
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[](https://www.pairbook.io/pair/fngd-vs-idya/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · IDYA correlations
