FNGD vs OC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Owens Corning Inc (OC) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OC?
Over the past 3 years, FNGD and OC moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.40). Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -1053.0 %².
Among the 1743 assets we track against FNGD, OC ranks #1363 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OC outperformed by 52.1 percentage points (-55.7% for FNGD against -3.6% for OC). One caveat on sizing: FNGD is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 OC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OC (Owens Corning Inc) | |
|---|---|---|
| 1-year return | -55.7% | -3.6% |
| 5-year return | -99.4% | +60.3% |
| Volatility (ann.) | 75.7% | 35.1% |
| Beta vs S&P 500 | -4.54 | 1.41 |
| Max drawdown (3Y) | -97.6% | -52.5% |
| Market cap | – | $11.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 2.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OC |
|---|---|---|
| 2022 | +52.2% | -4.2% |
| 2023 | -90.1% | +77.2% |
| 2024 | -76.6% | +16.6% |
| 2025 | -61.4% | -33.0% |
| 2026 | -49.5% | +30.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OC good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OC?
As of 2026-08-27, the correlation of weekly returns between FNGD and OC is -0.40 over 3 years, -0.30 over 1 year and -0.44 over 5 years.
Is OC a good diversifier for FNGD?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
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.
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Related comparisons
Hubs: FNGD correlations · OC correlations
