FNGD vs IOVA: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Iovance Biotherapeutics, Inc. (IOVA) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IOVA?
Across a 3-year window, the weekly returns of FNGD and IOVA correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Stretching to 5 years gives -0.24, with an annualized covariance of -1830.6 %².
Within FNGD's tracked universe of 1743 assets, IOVA comes in at #249 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IOVA outperformed by 297.0 percentage points (-55.7% for FNGD against +241.3% for IOVA).
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 IOVA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IOVA (Iovance Biotherapeutics, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +241.3% |
| 5-year return | -99.4% | -64.9% |
| Volatility (ann.) | 75.7% | 103.2% |
| Beta vs S&P 500 | -4.54 | 1.90 |
| Max drawdown (3Y) | -97.6% | -90.5% |
| Market cap | – | $3.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IOVA |
|---|---|---|
| 2022 | +52.2% | -66.5% |
| 2023 | -90.1% | +27.2% |
| 2024 | -76.6% | -9.0% |
| 2025 | -61.4% | -63.1% |
| 2026 | -49.5% | +202.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IOVA good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and IOVA?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.19 over the last year and -0.24 over 5 years.
Is IOVA a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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-iova.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-iova/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · IOVA correlations
