FNGD vs OLED: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Universal Display Corporation (OLED) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OLED?
On 3 years of weekly data the FNGD/OLED correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.42). The 5-year figure is -0.50, and annualized covariance runs at -1287.9 %².
By 3-year correlation, OLED places #1426 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with OLED ahead by 16.9 points (-55.7% versus -38.8%). Note the risk asymmetry: FNGD runs 1.9 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 OLED: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OLED (Universal Display Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -38.8% |
| 5-year return | -99.4% | -57.1% |
| Volatility (ann.) | 75.7% | 40.6% |
| Beta vs S&P 500 | -4.54 | 1.51 |
| Max drawdown (3Y) | -97.6% | -66.1% |
| Market cap | – | $3.9B |
| P/E (trailing) | 20.6 | 20.5 |
| Dividend yield | 0.00% | 2.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OLED |
|---|---|---|
| 2022 | +52.2% | -33.9% |
| 2023 | -90.1% | +78.6% |
| 2024 | -76.6% | -22.9% |
| 2025 | -61.4% | -19.1% |
| 2026 | -49.5% | -26.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OLED good diversifiers for each other?
Yes. With a correlation of -0.42, FNGD and OLED have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and OLED?
The FNGD/OLED correlation stands at -0.42 on a 3-year window (1 year: -0.24, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is OLED a good diversifier for FNGD?
Yes. With a correlation of -0.42, FNGD and OLED have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
A reading of -0.42 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 · OLED correlations
