FNGD vs OPFI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OppFi Inc. (OPFI) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OPFI?
Over the past 3 years, FNGD and OPFI moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -1325.8 %².
By 3-year correlation, OPFI places #521 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months OPFI outperformed by 26.1 percentage points (-55.7% for FNGD against -29.6% for OPFI).
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 OPFI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OPFI (OppFi Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -29.6% |
| 5-year return | -99.4% | -1.0% |
| Volatility (ann.) | 75.7% | 68.6% |
| Beta vs S&P 500 | -4.54 | 1.38 |
| Max drawdown (3Y) | -97.6% | -59.9% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | 2.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OPFI |
|---|---|---|
| 2022 | +52.2% | -54.8% |
| 2023 | -90.1% | +149.8% |
| 2024 | -76.6% | +56.0% |
| 2025 | -61.4% | +40.9% |
| 2026 | -49.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OPFI good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OPFI?
The FNGD/OPFI correlation stands at -0.26 on a 3-year window (1 year: -0.31, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is OPFI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 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-opfi.json
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Related comparisons
Hubs: FNGD correlations · OPFI correlations
