FNGD vs OGC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OceanaGold Corporation (OGC) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OGC?
Across a 3-year window, the weekly returns of FNGD and OGC correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.21). Stretching to 5 years gives -0.24, with an annualized covariance of -783.3 %².
Within FNGD's tracked universe of 1743 assets, OGC comes in at #129 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OGC ahead by 138.3 points (-55.7% versus +82.6%). Note the risk asymmetry: FNGD runs 1.5 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 OGC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OGC (OceanaGold Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +82.6% |
| 5-year return | -99.4% | +489.5% |
| Volatility (ann.) | 75.7% | 50.1% |
| Beta vs S&P 500 | -4.54 | 0.86 |
| Max drawdown (3Y) | -97.6% | -47.7% |
| Market cap | – | $7.0B |
| P/E (trailing) | 20.6 | 8.1 |
| Dividend yield | 0.00% | 0.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OGC |
|---|---|---|
| 2022 | +52.2% | +9.8% |
| 2023 | -90.1% | +2.1% |
| 2024 | -76.6% | +45.1% |
| 2025 | -61.4% | +243.9% |
| 2026 | -49.5% | +12.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OGC good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OGC?
As of 2026-08-27, the correlation of weekly returns between FNGD and OGC is -0.21 over 3 years, -0.33 over 1 year and -0.24 over 5 years.
Is OGC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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.
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Related comparisons
Hubs: FNGD correlations · OGC correlations
