FNGD vs OBIO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Orchestra BioMed Holdings, Inc. (OBIO) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OBIO?
Over the past 3 years, FNGD and OBIO moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.02) than the 3-year average (-0.23). Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -1405.7 %².
Within FNGD's tracked universe of 1743 assets, OBIO comes in at #266 by 3-year correlation. The last year tells two different stories: OBIO led by 135.6 percentage points, -55.7% for FNGD against +79.9% for OBIO.
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 OBIO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OBIO (Orchestra BioMed Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +79.9% |
| 5-year return | -99.4% | -47.8% |
| Volatility (ann.) | 75.7% | 79.5% |
| Beta vs S&P 500 | -4.54 | 1.75 |
| Max drawdown (3Y) | -97.6% | -78.2% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OBIO |
|---|---|---|
| 2022 | +52.2% | -1.0% |
| 2023 | -90.1% | -8.5% |
| 2024 | -76.6% | -56.2% |
| 2025 | -61.4% | +3.8% |
| 2026 | -49.5% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OBIO good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and OBIO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and OBIO?
The FNGD/OBIO correlation stands at -0.23 on a 3-year window (1 year: -0.02, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is OBIO a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and OBIO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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-obio.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-obio/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · OBIO correlations
