FNGD vs OFS: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OFS Capital Corporation - Closed End Fund (OFS) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OFS?
Over the past 3 years, FNGD and OFS moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.27). Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -703.9 %².
Within FNGD's tracked universe of 1743 assets, OFS comes in at #621 by 3-year correlation. On 12-month performance OFS holds a 8.3-point edge, -55.7% against -47.4%. 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 OFS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OFS (OFS Capital Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -55.7% | -47.4% |
| 5-year return | -99.4% | -31.5% |
| Volatility (ann.) | 75.7% | 34.0% |
| Beta vs S&P 500 | -4.54 | 0.69 |
| Max drawdown (3Y) | -97.6% | -67.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 23.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OFS |
|---|---|---|
| 2022 | +52.2% | +3.3% |
| 2023 | -90.1% | +29.9% |
| 2024 | -76.6% | -20.2% |
| 2025 | -61.4% | -31.6% |
| 2026 | -49.5% | -14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OFS good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OFS?
As of 2026-08-27, the correlation of weekly returns between FNGD and OFS is -0.27 over 3 years, -0.42 over 1 year and -0.25 over 5 years.
Is OFS a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · OFS correlations
