FNGD vs ON: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and ON Semiconductor (ON) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ON?
Over the past 3 years, FNGD and ON moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.40 over 3. Over 5 years the correlation is -0.51, and the annualized covariance of weekly returns is -1494.3 %².
Among the 1743 assets we track against FNGD, ON ranks #1364 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ON ahead by 101.7 points (-55.7% versus +46.0%). Risk is not evenly split, since FNGD carries 1.5 times the volatility of the other side.
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 ON: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ON (ON Semiconductor) | |
|---|---|---|
| 1-year return | -55.7% | +46.0% |
| 5-year return | -99.4% | +65.2% |
| Volatility (ann.) | 75.7% | 49.2% |
| Beta vs S&P 500 | -4.54 | 1.61 |
| Max drawdown (3Y) | -97.6% | -67.9% |
| Market cap | – | $29.1B |
| P/E (trailing) | 20.6 | 47.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | ON |
|---|---|---|
| 2022 | +52.2% | -8.2% |
| 2023 | -90.1% | +33.9% |
| 2024 | -76.6% | -24.5% |
| 2025 | -61.4% | -14.1% |
| 2026 | -49.5% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ON good diversifiers for each other?
Yes. With a correlation of -0.40, FNGD and ON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and ON?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.37 over the last year and -0.51 over 5 years.
Is ON a good diversifier for FNGD?
Yes. With a correlation of -0.40, FNGD and ON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
A reading of -0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-on.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-on/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ON correlations
