FNGD vs OPAL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OPAL Fuels Inc. (OPAL) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OPAL?
Across a 3-year window, the weekly returns of FNGD and OPAL correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.08 versus -0.19 over 3 years. Stretching to 5 years gives -0.21, with an annualized covariance of -865.3 %².
Among the 1743 assets we track against FNGD, OPAL ranks #61 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OPAL ahead by 47.9 points (-55.7% versus -7.8%).
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 OPAL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OPAL (OPAL Fuels Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -7.8% |
| 5-year return | -99.4% | -77.9% |
| Volatility (ann.) | 75.7% | 61.5% |
| Beta vs S&P 500 | -4.54 | 1.19 |
| Max drawdown (3Y) | -97.6% | -84.1% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OPAL |
|---|---|---|
| 2022 | +52.2% | -27.1% |
| 2023 | -90.1% | -24.2% |
| 2024 | -76.6% | -38.6% |
| 2025 | -61.4% | -30.5% |
| 2026 | -49.5% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OPAL good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OPAL?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.08 over the last year and -0.21 over 5 years.
Is OPAL a good diversifier for FNGD?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 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-opal.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-opal/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · OPAL correlations
