FNGD vs LAB: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Standard BioTools Inc. (LAB) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LAB?
On 3 years of weekly data the FNGD/LAB correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -1254.4 %².
Among the 1743 assets we track against FNGD, LAB ranks #340 by 3-year correlation. On 12-month performance LAB holds a 6.7-point edge, -55.7% against -49.0%.
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 LAB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LAB (Standard BioTools Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -49.0% |
| 5-year return | -99.4% | -90.9% |
| Volatility (ann.) | 75.7% | 69.2% |
| Beta vs S&P 500 | -4.54 | 1.55 |
| Max drawdown (3Y) | -97.6% | -78.7% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LAB |
|---|---|---|
| 2022 | +52.2% | -70.2% |
| 2023 | -90.1% | +88.9% |
| 2024 | -76.6% | -20.8% |
| 2025 | -61.4% | -26.9% |
| 2026 | -49.5% | -49.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LAB good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and LAB?
The FNGD/LAB correlation stands at -0.24 on a 3-year window (1 year: -0.28, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is LAB a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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-lab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-lab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · LAB correlations
