FNGD vs ODFL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Old Dominion (ODFL) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ODFL?
Across a 3-year window, the weekly returns of FNGD and ODFL correlate at -0.19, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.10) runs above the 3-year figure (-0.19). Stretching to 5 years gives -0.35, with an annualized covariance of -508.8 %².
Among the 1743 assets we track against FNGD, ODFL ranks #60 by 3-year correlation. The last year tells two different stories: ODFL led by 86.6 percentage points, -55.7% for FNGD against +30.9% for ODFL. 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 ODFL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ODFL (Old Dominion) | |
|---|---|---|
| 1-year return | -55.7% | +30.9% |
| 5-year return | -99.4% | +39.6% |
| Volatility (ann.) | 75.7% | 34.7% |
| Beta vs S&P 500 | -4.54 | 0.98 |
| Max drawdown (3Y) | -97.6% | -45.2% |
| Market cap | – | $41.6B |
| P/E (trailing) | 20.6 | 38.3 |
| Dividend yield | 0.00% | 0.57% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | ODFL |
|---|---|---|
| 2022 | +52.2% | -20.5% |
| 2023 | -90.1% | +43.5% |
| 2024 | -76.6% | -12.5% |
| 2025 | -61.4% | -10.5% |
| 2026 | -49.5% | +27.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ODFL good diversifiers for each other?
Yes. With a correlation of -0.19, FNGD and ODFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and ODFL?
The FNGD/ODFL correlation stands at -0.19 on a 3-year window (1 year: 0.10, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is ODFL a good diversifier for FNGD?
Yes. With a correlation of -0.19, FNGD and ODFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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-odfl.json
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[](https://www.pairbook.io/pair/fngd-vs-odfl/)
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Related comparisons
Hubs: FNGD correlations · ODFL correlations
