FNGD vs OLLI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ollie's Bargain Outlet Holdings, Inc. (OLLI) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OLLI?
Over the past 3 years, FNGD and OLLI moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.31 over 3. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -835.4 %².
Within FNGD's tracked universe of 1743 assets, OLLI comes in at #909 by 3-year correlation. On 12-month performance OLLI holds a 10.5-point edge, -55.7% against -45.2%. One caveat on sizing: FNGD is 2.2 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 OLLI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OLLI (Ollie's Bargain Outlet Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -45.2% |
| 5-year return | -99.4% | -6.7% |
| Volatility (ann.) | 75.7% | 35.2% |
| Beta vs S&P 500 | -4.54 | 0.75 |
| Max drawdown (3Y) | -97.6% | -56.1% |
| Market cap | – | $4.3B |
| P/E (trailing) | 20.6 | 18.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OLLI |
|---|---|---|
| 2022 | +52.2% | -8.5% |
| 2023 | -90.1% | +62.0% |
| 2024 | -76.6% | +44.6% |
| 2025 | -61.4% | -0.1% |
| 2026 | -49.5% | -34.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OLLI good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OLLI?
The FNGD/OLLI correlation stands at -0.31 on a 3-year window (1 year: -0.33, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is OLLI a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 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-olli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-olli/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · OLLI correlations
