FNGD vs INGN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Inogen, Inc (INGN) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and INGN?
On 3 years of weekly data the FNGD/INGN correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. The 5-year figure is -0.27, and annualized covariance runs at -1079.0 %².
Within FNGD's tracked universe of 1743 assets, INGN comes in at #174 by 3-year correlation. The last year tells two different stories: INGN led by 25.2 percentage points, -55.7% for FNGD against -30.5% for INGN.
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 INGN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | INGN (Inogen, Inc) | |
|---|---|---|
| 1-year return | -55.7% | -30.5% |
| 5-year return | -99.4% | -90.7% |
| Volatility (ann.) | 75.7% | 64.0% |
| Beta vs S&P 500 | -4.54 | 1.24 |
| Max drawdown (3Y) | -97.6% | -57.6% |
| 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 | FNGD | INGN |
|---|---|---|
| 2022 | +52.2% | -42.0% |
| 2023 | -90.1% | -72.1% |
| 2024 | -76.6% | +67.0% |
| 2025 | -61.4% | -26.7% |
| 2026 | -49.5% | -18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and INGN good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and INGN?
The FNGD/INGN correlation stands at -0.22 on a 3-year window (1 year: -0.23, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is INGN a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 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-ingn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ingn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · INGN correlations
