FNGD vs OBDC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Blue Owl Capital Corporation (OBDC) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OBDC?
Over the past 3 years, FNGD and OBDC moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.49 lands near the 3-year figure. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -581.9 %².
Among the 1743 assets we track against FNGD, OBDC ranks #1362 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OBDC outperformed by 45.4 percentage points (-55.7% for FNGD against -10.3% for OBDC). Risk is not evenly split, since FNGD carries 3.9 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 OBDC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OBDC (Blue Owl Capital Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -10.3% |
| 5-year return | -99.4% | +34.0% |
| Volatility (ann.) | 75.7% | 19.2% |
| Beta vs S&P 500 | -4.54 | 0.71 |
| Max drawdown (3Y) | -97.6% | -23.9% |
| Market cap | – | $5.6B |
| P/E (trailing) | 20.6 | 20.1 |
| Dividend yield | 0.00% | 12.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OBDC |
|---|---|---|
| 2022 | +52.2% | -9.5% |
| 2023 | -90.1% | +43.5% |
| 2024 | -76.6% | +14.7% |
| 2025 | -61.4% | -7.9% |
| 2026 | -49.5% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OBDC good diversifiers for each other?
Yes. With a correlation of -0.40, FNGD and OBDC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and OBDC?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.49 over the last year and -0.41 over 5 years.
Is OBDC a good diversifier for FNGD?
Yes. With a correlation of -0.40, FNGD and OBDC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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-obdc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-obdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · OBDC correlations
