FNGD vs ORIO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Orion Digital Corp. (ORIO) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ORIO?
On 3 years of weekly data the FNGD/ORIO correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. The 5-year figure is -0.43, and annualized covariance runs at -1911.1 %².
By 3-year correlation, ORIO places #980 of the 1743 assets tracked against FNGD. Their 12-month results are close: -55.7% for FNGD against -54.7% for ORIO.
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 ORIO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ORIO (Orion Digital Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -54.7% |
| 5-year return | -99.4% | -94.6% |
| Volatility (ann.) | 75.7% | 79.6% |
| Beta vs S&P 500 | -4.54 | 2.19 |
| Max drawdown (3Y) | -97.6% | -75.9% |
| 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 | ORIO |
|---|---|---|
| 2022 | +52.2% | -84.5% |
| 2023 | -90.1% | +15.9% |
| 2024 | -76.6% | -26.1% |
| 2025 | -61.4% | -21.3% |
| 2026 | -49.5% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ORIO good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and ORIO?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.31 over the last year and -0.43 over 5 years.
Is ORIO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 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-orio.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-orio/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ORIO correlations
