FNGD vs OR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OR Royalties Inc. (OR) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OR?
On 3 years of weekly data the FNGD/OR correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.25 over 3. The 5-year figure is -0.25, and annualized covariance runs at -715.1 %².
By 3-year correlation, OR places #447 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months OR outperformed by 80.4 percentage points (-55.7% for FNGD against +24.7% for OR). Note the risk asymmetry: FNGD runs 2.0 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 OR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OR (OR Royalties Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +24.7% |
| 5-year return | -99.4% | +236.7% |
| Volatility (ann.) | 75.7% | 37.9% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -41.0% |
| Market cap | – | $7.2B |
| P/E (trailing) | 20.6 | 28.6 |
| Dividend yield | 0.00% | 0.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OR |
|---|---|---|
| 2022 | +52.2% | +0.0% |
| 2023 | -90.1% | +19.8% |
| 2024 | -76.6% | +28.1% |
| 2025 | -61.4% | +96.4% |
| 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 OR good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OR?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.30 over the last year and -0.25 over 5 years.
Is OR a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-or.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-or/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · OR correlations
