FNGD vs OCFC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OceanFirst Financial Corp. (OCFC) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OCFC?
On 3 years of weekly data the FNGD/OCFC correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.01) runs above the 3-year figure (-0.22). The 5-year figure is -0.22, and annualized covariance runs at -517.9 %².
Among the 1743 assets we track against FNGD, OCFC ranks #187 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OCFC outperformed by 62.1 percentage points (-55.7% for FNGD against +6.4% for OCFC). One caveat on sizing: FNGD is 2.4 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 OCFC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OCFC (OceanFirst Financial Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +6.4% |
| 5-year return | -99.4% | +10.9% |
| Volatility (ann.) | 75.7% | 31.8% |
| Beta vs S&P 500 | -4.54 | 1.04 |
| Max drawdown (3Y) | -97.6% | -29.8% |
| Market cap | – | $1.8B |
| P/E (trailing) | 20.6 | 23.6 |
| Dividend yield | 0.00% | 4.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OCFC |
|---|---|---|
| 2022 | +52.2% | -0.9% |
| 2023 | -90.1% | -14.2% |
| 2024 | -76.6% | +9.4% |
| 2025 | -61.4% | +3.9% |
| 2026 | -49.5% | +8.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OCFC good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OCFC?
The FNGD/OCFC correlation stands at -0.22 on a 3-year window (1 year: -0.01, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is OCFC a good diversifier for FNGD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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-ocfc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ocfc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · OCFC correlations
