FNGD vs OPY: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Oppenheimer Holdings, Inc. (OPY) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OPY?
Across a 3-year window, the weekly returns of FNGD and OPY correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.10) runs above the 3-year figure (-0.27). Stretching to 5 years gives -0.28, with an annualized covariance of -606.7 %².
Among the 1743 assets we track against FNGD, OPY ranks #622 by 3-year correlation. The last year tells two different stories: OPY led by 127.6 percentage points, -55.7% for FNGD against +71.9% for OPY. Note the risk asymmetry: FNGD runs 2.5 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 OPY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OPY (Oppenheimer Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +71.9% |
| 5-year return | -99.4% | +185.5% |
| Volatility (ann.) | 75.7% | 30.2% |
| Beta vs S&P 500 | -4.54 | 0.93 |
| Max drawdown (3Y) | -97.6% | -29.4% |
| Market cap | – | $1.3B |
| P/E (trailing) | 20.6 | 13.3 |
| Dividend yield | 0.00% | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OPY |
|---|---|---|
| 2022 | +52.2% | -7.2% |
| 2023 | -90.1% | -0.9% |
| 2024 | -76.6% | +57.3% |
| 2025 | -61.4% | +15.6% |
| 2026 | -49.5% | +67.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OPY?
As of 2026-08-27, the correlation of weekly returns between FNGD and OPY is -0.27 over 3 years, -0.10 over 1 year and -0.28 over 5 years.
Is OPY a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-opy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-opy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · OPY correlations
