FNGD vs ONB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Old National Bancorp (ONB) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ONB?
On 3 years of weekly data the FNGD/ONB correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.02) runs above the 3-year figure (-0.24). The 5-year figure is -0.21, and annualized covariance runs at -534.0 %².
Among the 1743 assets we track against FNGD, ONB ranks #356 by 3-year correlation. The last year tells two different stories: ONB led by 70.8 percentage points, -55.7% for FNGD against +15.1% for ONB. Note the risk asymmetry: FNGD runs 2.6 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 ONB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | -55.7% | +15.1% |
| 5-year return | -99.4% | +81.8% |
| Volatility (ann.) | 75.7% | 29.0% |
| Beta vs S&P 500 | -4.54 | 1.07 |
| Max drawdown (3Y) | -97.6% | -26.1% |
| Market cap | – | $9.9B |
| P/E (trailing) | 20.6 | 11.4 |
| Dividend yield | 0.00% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ONB |
|---|---|---|
| 2022 | +52.2% | +2.5% |
| 2023 | -90.1% | -2.5% |
| 2024 | -76.6% | +32.5% |
| 2025 | -61.4% | +5.4% |
| 2026 | -49.5% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ONB good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and ONB?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.02 over the last year and -0.21 over 5 years.
Is ONB a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 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.
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Related comparisons
Hubs: FNGD correlations · ONB correlations
