FNGD vs OPTT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ocean Power Technologies, Inc. (OPTT) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OPTT?
Across a 3-year window, the weekly returns of FNGD and OPTT correlate at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.19). Stretching to 5 years gives -0.19, with an annualized covariance of -2523.7 %².
By 3-year correlation, OPTT places #62 of the 1743 assets tracked against FNGD. Over the last 12 months FNGD came out ahead by 11.2 percentage points (-55.7% against -66.9%). Note the risk asymmetry: OPTT runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 OPTT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OPTT (Ocean Power Technologies, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -66.9% |
| 5-year return | -99.4% | -91.7% |
| Volatility (ann.) | 75.7% | 176.9% |
| Beta vs S&P 500 | -4.54 | 2.48 |
| Max drawdown (3Y) | -97.6% | -91.3% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OPTT |
|---|---|---|
| 2022 | +52.2% | -69.6% |
| 2023 | -90.1% | -28.9% |
| 2024 | -76.6% | +218.8% |
| 2025 | -61.4% | -70.6% |
| 2026 | -49.5% | -40.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OPTT 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 OPTT?
The FNGD/OPTT correlation stands at -0.19 on a 3-year window (1 year: -0.44, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is OPTT 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-optt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-optt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · OPTT correlations
