FNGD vs OCSL: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OCSL?
On 3 years of weekly data the FNGD/OCSL correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.24 over 3 years. The 5-year figure is -0.26, and annualized covariance runs at -389.5 %².
By 3-year correlation, OCSL places #355 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with OCSL ahead by 61.1 points (-55.7% versus +5.4%). Note the risk asymmetry: FNGD runs 3.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 OCSL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -55.7% | +5.4% |
| 5-year return | -99.4% | +5.8% |
| Volatility (ann.) | 75.7% | 21.7% |
| Beta vs S&P 500 | -4.54 | 0.62 |
| Max drawdown (3Y) | -97.6% | -34.2% |
| Market cap | – | $1.1B |
| P/E (trailing) | 20.6 | 27.0 |
| Dividend yield | 0.00% | 11.49% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OCSL |
|---|---|---|
| 2022 | +52.2% | +3.7% |
| 2023 | -90.1% | +11.3% |
| 2024 | -76.6% | -15.1% |
| 2025 | -61.4% | -6.1% |
| 2026 | -49.5% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OCSL good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OCSL?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.42 over the last year and -0.26 over 5 years.
Is OCSL a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 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-ocsl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ocsl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · OCSL correlations
