FNGD vs IMMX: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Immix Biopharma, Inc. (IMMX) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IMMX?
Over the past 3 years, FNGD and IMMX moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -1569.9 %².
By 3-year correlation, IMMX places #335 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months IMMX outperformed by 685.8 percentage points (-55.7% for FNGD against +630.1% for IMMX).
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 IMMX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IMMX (Immix Biopharma, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +630.1% |
| 5-year return | -99.4% | +289.9% |
| Volatility (ann.) | 75.7% | 86.8% |
| Beta vs S&P 500 | -4.54 | 1.23 |
| Max drawdown (3Y) | -97.6% | -81.6% |
| Market cap | – | $1.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IMMX |
|---|---|---|
| 2022 | +52.2% | -35.7% |
| 2023 | -90.1% | +202.2% |
| 2024 | -76.6% | -68.2% |
| 2025 | -61.4% | +137.7% |
| 2026 | -49.5% | +173.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IMMX good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and IMMX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IMMX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.16 over the last year and -0.22 over 5 years.
Is IMMX a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and IMMX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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-immx.json
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Related comparisons
Hubs: FNGD correlations · IMMX correlations
