FNGD vs NGNE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Neurogene Inc. (NGNE) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NGNE?
Across a 3-year window, the weekly returns of FNGD and NGNE correlate at -0.35, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.35 over 3. Stretching to 5 years gives -0.31, with an annualized covariance of -2670.9 %².
Within FNGD's tracked universe of 1743 assets, NGNE comes in at #1146 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NGNE ahead by 147.9 points (-55.7% versus +92.2%).
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 NGNE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NGNE (Neurogene Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +92.2% |
| 5-year return | -99.4% | -76.7% |
| Volatility (ann.) | 75.7% | 102.1% |
| Beta vs S&P 500 | -4.54 | 2.68 |
| Max drawdown (3Y) | -97.6% | -89.7% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NGNE |
|---|---|---|
| 2022 | +52.2% | -89.4% |
| 2023 | -90.1% | +90.4% |
| 2024 | -76.6% | +18.0% |
| 2025 | -61.4% | -9.9% |
| 2026 | -49.5% | +83.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NGNE good diversifiers for each other?
Yes. With a correlation of -0.35, FNGD and NGNE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NGNE?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.28 over the last year and -0.31 over 5 years.
Is NGNE a good diversifier for FNGD?
Yes. With a correlation of -0.35, FNGD and NGNE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ngne.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ngne/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · NGNE correlations
