FNGD vs OMF: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OneMain Holdings, Inc. (OMF) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OMF?
Over the past 3 years, FNGD and OMF moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.39 over 3. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -943.3 %².
Among the 1743 assets we track against FNGD, OMF ranks #1323 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OMF ahead by 67.5 points (-55.7% versus +11.8%). Note the risk asymmetry: FNGD runs 2.4 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 OMF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OMF (OneMain Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +11.8% |
| 5-year return | -99.4% | +68.1% |
| Volatility (ann.) | 75.7% | 31.8% |
| Beta vs S&P 500 | -4.54 | 1.27 |
| Max drawdown (3Y) | -97.6% | -29.9% |
| Market cap | – | $7.3B |
| P/E (trailing) | 20.6 | 9.5 |
| Dividend yield | 0.00% | 6.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OMF |
|---|---|---|
| 2022 | +52.2% | -27.2% |
| 2023 | -90.1% | +63.0% |
| 2024 | -76.6% | +15.1% |
| 2025 | -61.4% | +39.8% |
| 2026 | -49.5% | -0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OMF good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OMF?
The FNGD/OMF correlation stands at -0.39 on a 3-year window (1 year: -0.37, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is OMF a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 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-omf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-omf/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · OMF correlations
