FNGD vs ORC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Orchid Island Capital, Inc. (ORC) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ORC?
Across a 3-year window, the weekly returns of FNGD and ORC correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.30 over 3 years. Stretching to 5 years gives -0.33, with an annualized covariance of -588.1 %².
Among the 1743 assets we track against FNGD, ORC ranks #848 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ORC outperformed by 71.4 percentage points (-55.7% for FNGD against +15.7% for ORC). One caveat on sizing: FNGD is 2.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 ORC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ORC (Orchid Island Capital, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +15.7% |
| 5-year return | -99.4% | -33.9% |
| Volatility (ann.) | 75.7% | 26.1% |
| Beta vs S&P 500 | -4.54 | 0.84 |
| Max drawdown (3Y) | -97.6% | -36.6% |
| Market cap | – | $1.3B |
| P/E (trailing) | 20.6 | 3.8 |
| Dividend yield | 0.00% | 20.69% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ORC |
|---|---|---|
| 2022 | +52.2% | -44.3% |
| 2023 | -90.1% | -3.1% |
| 2024 | -76.6% | +9.9% |
| 2025 | -61.4% | +12.7% |
| 2026 | -49.5% | +4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ORC good diversifiers for each other?
Yes. With a correlation of -0.30, FNGD and ORC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and ORC?
The FNGD/ORC correlation stands at -0.30 on a 3-year window (1 year: -0.14, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is ORC a good diversifier for FNGD?
Yes. With a correlation of -0.30, FNGD and ORC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-orc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-orc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ORC correlations
