FNGD vs ONON: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and On Holding AG Class A (ONON) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ONON?
Across a 3-year window, the weekly returns of FNGD and ONON correlate at -0.40, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Stretching to 5 years gives -0.45, with an annualized covariance of -1362.1 %².
Among the 1743 assets we track against FNGD, ONON ranks #1365 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ONON outperformed by 19.8 percentage points (-55.7% for FNGD against -35.9% for ONON). Risk is not evenly split, since FNGD carries 1.7 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 ONON: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ONON (On Holding AG Class A) | |
|---|---|---|
| 1-year return | -55.7% | -35.9% |
| 5-year return | -99.4% | -17.3% |
| Volatility (ann.) | 75.7% | 44.7% |
| Beta vs S&P 500 | -4.54 | 1.51 |
| Max drawdown (3Y) | -97.6% | -54.7% |
| Market cap | – | $9.7B |
| P/E (trailing) | 20.6 | 19.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ONON |
|---|---|---|
| 2022 | +52.2% | -54.6% |
| 2023 | -90.1% | +57.2% |
| 2024 | -76.6% | +103.1% |
| 2025 | -61.4% | -15.1% |
| 2026 | -49.5% | -37.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ONON good diversifiers for each other?
Yes. With a correlation of -0.40, FNGD and ONON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and ONON?
The FNGD/ONON correlation stands at -0.40 on a 3-year window (1 year: -0.38, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is ONON a good diversifier for FNGD?
Yes. With a correlation of -0.40, FNGD and ONON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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-onon.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-onon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ONON correlations
