FNGD vs OABI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OmniAb, Inc. (OABI) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OABI?
Over the past 3 years, FNGD and OABI moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -1173.2 %².
Within FNGD's tracked universe of 1743 assets, OABI comes in at #265 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OABI ahead by 242.0 points (-55.7% versus +186.3%).
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 OABI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OABI (OmniAb, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +186.3% |
| 5-year return | -99.4% | -52.8% |
| Volatility (ann.) | 75.7% | 67.6% |
| Beta vs S&P 500 | -4.54 | 1.30 |
| Max drawdown (3Y) | -97.6% | -81.3% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OABI |
|---|---|---|
| 2022 | +52.2% | -64.0% |
| 2023 | -90.1% | +71.4% |
| 2024 | -76.6% | -42.6% |
| 2025 | -61.4% | -47.7% |
| 2026 | -49.5% | +149.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OABI good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OABI?
The FNGD/OABI correlation stands at -0.23 on a 3-year window (1 year: -0.29, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is OABI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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-oabi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-oabi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · OABI correlations
