FNGD vs LGND: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ligand Pharmaceuticals Incorporated (LGND) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LGND?
On 3 years of weekly data the FNGD/LGND correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.30 over 3 years. The 5-year figure is -0.38, and annualized covariance runs at -816.8 %².
By 3-year correlation, LGND places #840 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months LGND outperformed by 134.5 percentage points (-55.7% for FNGD against +78.8% for LGND). Risk is not evenly split, since FNGD carries 2.1 times the volatility of the other side.
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 LGND: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LGND (Ligand Pharmaceuticals Incorporated) | |
|---|---|---|
| 1-year return | -55.7% | +78.8% |
| 5-year return | -99.4% | +276.5% |
| Volatility (ann.) | 75.7% | 35.4% |
| Beta vs S&P 500 | -4.54 | 1.02 |
| Max drawdown (3Y) | -97.6% | -25.6% |
| Market cap | – | $5.7B |
| P/E (trailing) | 20.6 | 29.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LGND |
|---|---|---|
| 2022 | +52.2% | -30.7% |
| 2023 | -90.1% | +6.9% |
| 2024 | -76.6% | +50.0% |
| 2025 | -61.4% | +76.5% |
| 2026 | -49.5% | +50.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LGND good diversifiers for each other?
Yes. With a correlation of -0.30, FNGD and LGND have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and LGND?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.17 over the last year and -0.38 over 5 years.
Is LGND a good diversifier for FNGD?
Yes. With a correlation of -0.30, FNGD and LGND have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-lgnd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-lgnd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · LGND correlations
