FNGD vs ONCY: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Oncolytics Biotech Inc. (ONCY) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ONCY?
On 3 years of weekly data the FNGD/ONCY correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.22). The 5-year figure is -0.27, and annualized covariance runs at -1341.8 %².
Among the 1743 assets we track against FNGD, ONCY ranks #188 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ONCY ahead by 35.9 points (-55.7% versus -19.8%).
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 ONCY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ONCY (Oncolytics Biotech Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -19.8% |
| 5-year return | -99.4% | -61.2% |
| Volatility (ann.) | 75.7% | 80.8% |
| Beta vs S&P 500 | -4.54 | 1.15 |
| Max drawdown (3Y) | -97.6% | -86.2% |
| 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 | ONCY |
|---|---|---|
| 2022 | +52.2% | +17.3% |
| 2023 | -90.1% | -17.2% |
| 2024 | -76.6% | -32.6% |
| 2025 | -61.4% | -4.4% |
| 2026 | -49.5% | -2.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ONCY good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and ONCY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and ONCY?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.43 over the last year and -0.27 over 5 years.
Is ONCY a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and ONCY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-oncy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-oncy/)
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Related comparisons
Hubs: FNGD correlations · ONCY correlations
