FNGD vs OKTA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Okta, Inc. (OKTA) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OKTA?
On 3 years of weekly data the FNGD/OKTA correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. The 5-year figure is -0.46, and annualized covariance runs at -1439.1 %².
Within FNGD's tracked universe of 1743 assets, OKTA comes in at #1150 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OKTA outperformed by 141.6 percentage points (-55.7% for FNGD against +85.9% for OKTA).
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 OKTA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OKTA (Okta, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +85.9% |
| 5-year return | -99.4% | -34.7% |
| Volatility (ann.) | 75.7% | 54.5% |
| Beta vs S&P 500 | -4.54 | 1.24 |
| Max drawdown (3Y) | -97.6% | -50.6% |
| Market cap | – | $30.2B |
| P/E (trailing) | 20.6 | 97.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OKTA |
|---|---|---|
| 2022 | +52.2% | -69.5% |
| 2023 | -90.1% | +32.5% |
| 2024 | -76.6% | -13.0% |
| 2025 | -61.4% | +9.7% |
| 2026 | -49.5% | +100.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OKTA good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OKTA?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.35 over the last year and -0.46 over 5 years.
Is OKTA a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 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-okta.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-okta/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · OKTA correlations
