FNGD vs OMEX: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Odyssey Marine Exploration, Inc. (OMEX) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OMEX?
Across a 3-year window, the weekly returns of FNGD and OMEX correlate at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.21 over 3. Stretching to 5 years gives -0.15, with an annualized covariance of -2379.5 %².
Within FNGD's tracked universe of 1743 assets, OMEX comes in at #131 by 3-year correlation. Twelve-month performance is nearly a tie, at -55.7% for FNGD and -53.0% for OMEX. One caveat on sizing: OMEX is 2.0 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 OMEX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OMEX (Odyssey Marine Exploration, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -53.0% |
| 5-year return | -99.4% | -83.6% |
| Volatility (ann.) | 75.7% | 152.5% |
| Beta vs S&P 500 | -4.54 | 2.12 |
| Max drawdown (3Y) | -97.6% | -94.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OMEX |
|---|---|---|
| 2022 | +52.2% | -25.4% |
| 2023 | -90.1% | +19.8% |
| 2024 | -76.6% | -84.5% |
| 2025 | -61.4% | +172.2% |
| 2026 | -49.5% | -54.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OMEX good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OMEX?
The FNGD/OMEX correlation stands at -0.21 on a 3-year window (1 year: -0.30, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is OMEX a good diversifier for FNGD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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-omex.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-omex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · OMEX correlations
