FNGD vs IOSP: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Innospec Inc. (IOSP) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IOSP?
Across a 3-year window, the weekly returns of FNGD and IOSP correlate at -0.28, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.28). Stretching to 5 years gives -0.28, with an annualized covariance of -573.9 %².
By 3-year correlation, IOSP places #699 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with IOSP ahead by 67.0 points (-55.7% versus +11.3%). Note the risk asymmetry: FNGD runs 2.8 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 IOSP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IOSP (Innospec Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +11.3% |
| 5-year return | -99.4% | +10.2% |
| Volatility (ann.) | 75.7% | 26.6% |
| Beta vs S&P 500 | -4.54 | 0.94 |
| Max drawdown (3Y) | -97.6% | -48.4% |
| Market cap | – | $2.3B |
| P/E (trailing) | 20.6 | 19.5 |
| Dividend yield | 0.00% | 1.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IOSP |
|---|---|---|
| 2022 | +52.2% | +15.2% |
| 2023 | -90.1% | +21.5% |
| 2024 | -76.6% | -9.6% |
| 2025 | -61.4% | -28.9% |
| 2026 | -49.5% | +26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IOSP good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and IOSP?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.08 over the last year and -0.28 over 5 years.
Is IOSP a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-iosp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-iosp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · IOSP correlations
