FNGD vs NEO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NeoGenomics, Inc. (NEO) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NEO?
Across a 3-year window, the weekly returns of FNGD and NEO correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.21). Stretching to 5 years gives -0.38, with an annualized covariance of -942.0 %².
Within FNGD's tracked universe of 1743 assets, NEO comes in at #128 by 3-year correlation. The last year tells two different stories: NEO led by 219.0 percentage points, -55.7% for FNGD against +163.3% for NEO.
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 NEO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NEO (NeoGenomics, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +163.3% |
| 5-year return | -99.4% | -62.1% |
| Volatility (ann.) | 75.7% | 59.7% |
| Beta vs S&P 500 | -4.54 | 1.17 |
| Max drawdown (3Y) | -97.6% | -76.7% |
| Market cap | – | $2.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NEO |
|---|---|---|
| 2022 | +52.2% | -72.9% |
| 2023 | -90.1% | +75.1% |
| 2024 | -76.6% | +1.9% |
| 2025 | -61.4% | -28.6% |
| 2026 | -49.5% | +58.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NEO good diversifiers for each other?
Yes. With a correlation of -0.21, FNGD and NEO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NEO?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.09 over the last year and -0.38 over 5 years.
Is NEO a good diversifier for FNGD?
Yes. With a correlation of -0.21, FNGD and NEO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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-neo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-neo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NEO correlations
