FNGD vs OKLO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Oklo Inc. (OKLO) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OKLO?
Across a 3-year window, the weekly returns of FNGD and OKLO correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.48 versus -0.30 over 3 years. Stretching to 5 years gives -0.22, with an annualized covariance of -2699.6 %².
By 3-year correlation, OKLO places #847 of the 1743 assets tracked against FNGD. Over the last 12 months OKLO came out ahead by 13.8 percentage points (-55.7% against -41.9%). One caveat on sizing: OKLO is 1.6 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 OKLO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OKLO (Oklo Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -41.9% |
| 5-year return | -99.4% | +332.7% |
| Volatility (ann.) | 75.7% | 117.9% |
| Beta vs S&P 500 | -4.54 | 2.21 |
| Max drawdown (3Y) | -97.6% | -78.8% |
| Market cap | – | $7.9B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OKLO |
|---|---|---|
| 2022 | +52.2% | +0.7% |
| 2023 | -90.1% | +6.5% |
| 2024 | -76.6% | +101.0% |
| 2025 | -61.4% | +238.0% |
| 2026 | -49.5% | -40.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OKLO good diversifiers for each other?
Yes. With a correlation of -0.30, FNGD and OKLO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and OKLO?
As of 2026-08-27, the correlation of weekly returns between FNGD and OKLO is -0.30 over 3 years, -0.48 over 1 year and -0.22 over 5 years.
Is OKLO a good diversifier for FNGD?
Yes. With a correlation of -0.30, FNGD and OKLO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-oklo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-oklo/)
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Related comparisons
Hubs: FNGD correlations · OKLO correlations
