FNGD vs ONTO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Onto Innovation Inc. (ONTO) carry a correlation of -0.50, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ONTO?
On 3 years of weekly data the FNGD/ONTO correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.50). The 5-year figure is -0.54, and annualized covariance runs at -2210.0 %².
By 3-year correlation, ONTO places #1589 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with ONTO ahead by 226.7 points (-55.7% versus +171.0%).
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 ONTO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ONTO (Onto Innovation Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +171.0% |
| 5-year return | -99.4% | +288.7% |
| Volatility (ann.) | 75.7% | 58.7% |
| Beta vs S&P 500 | -4.54 | 2.32 |
| Max drawdown (3Y) | -97.6% | -62.8% |
| Market cap | – | $17.9B |
| P/E (trailing) | 20.6 | 110.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ONTO |
|---|---|---|
| 2022 | +52.2% | -32.7% |
| 2023 | -90.1% | +124.6% |
| 2024 | -76.6% | +9.0% |
| 2025 | -61.4% | -5.3% |
| 2026 | -49.5% | +85.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ONTO good diversifiers for each other?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and ONTO?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.24 over the last year and -0.54 over 5 years.
Is ONTO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
What does a correlation of -0.50 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-onto.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-onto/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · ONTO correlations
