FNGD vs LASR: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and nLIGHT, Inc. (LASR) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LASR?
Across a 3-year window, the weekly returns of FNGD and LASR correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.28 over 3 years. Stretching to 5 years gives -0.41, with an annualized covariance of -1196.1 %².
Within FNGD's tracked universe of 1743 assets, LASR comes in at #704 by 3-year correlation. Correlation aside, the last 12 months split them widely, with LASR ahead by 112.1 points (-55.7% versus +56.4%).
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 LASR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LASR (nLIGHT, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +56.4% |
| 5-year return | -99.4% | +61.0% |
| Volatility (ann.) | 75.7% | 56.6% |
| Beta vs S&P 500 | -4.54 | 1.44 |
| Max drawdown (3Y) | -97.6% | -56.1% |
| Market cap | – | $2.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LASR |
|---|---|---|
| 2022 | +52.2% | -57.7% |
| 2023 | -90.1% | +33.1% |
| 2024 | -76.6% | -22.3% |
| 2025 | -61.4% | +257.6% |
| 2026 | -49.5% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LASR 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 LASR?
As of 2026-08-27, the correlation of weekly returns between FNGD and LASR is -0.28 over 3 years, -0.11 over 1 year and -0.41 over 5 years.
Is LASR 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?
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-lasr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-lasr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · LASR correlations
