FNGD vs OGG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Osisko Gold Group Inc. (OGG) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OGG?
Over the past 3 years, FNGD and OGG moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.23 over 3 years. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -1098.1 %².
Within FNGD's tracked universe of 1743 assets, OGG comes in at #267 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OGG outperformed by 68.9 percentage points (-55.7% for FNGD against +13.2% for OGG).
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 OGG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OGG (Osisko Gold Group Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +13.2% |
| 5-year return | -99.4% | -73.6% |
| Volatility (ann.) | 75.7% | 63.4% |
| Beta vs S&P 500 | -4.54 | 1.12 |
| Max drawdown (3Y) | -97.6% | -65.8% |
| Market cap | – | $1.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OGG |
|---|---|---|
| 2022 | +52.2% | -55.5% |
| 2023 | -90.1% | -32.3% |
| 2024 | -76.6% | -44.0% |
| 2025 | -61.4% | +114.1% |
| 2026 | -49.5% | -9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OGG good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OGG?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.38 over the last year and -0.28 over 5 years.
Is OGG a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ogg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ogg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · OGG correlations
