FNGD vs ORN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Orion Group Holdings, Inc. Common (ORN) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ORN?
Over the past 3 years, FNGD and ORN moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.07 versus -0.22 over 3 years. Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -1105.8 %².
Within FNGD's tracked universe of 1743 assets, ORN comes in at #190 by 3-year correlation. The last year tells two different stories: ORN led by 90.3 percentage points, -55.7% for FNGD against +34.6% for ORN.
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 ORN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ORN (Orion Group Holdings, Inc. Common) | |
|---|---|---|
| 1-year return | -55.7% | +34.6% |
| 5-year return | -99.4% | +77.6% |
| Volatility (ann.) | 75.7% | 65.3% |
| Beta vs S&P 500 | -4.54 | 1.64 |
| Max drawdown (3Y) | -97.6% | -57.6% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | 121.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ORN |
|---|---|---|
| 2022 | +52.2% | -36.9% |
| 2023 | -90.1% | +107.6% |
| 2024 | -76.6% | +48.4% |
| 2025 | -61.4% | +35.6% |
| 2026 | -49.5% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ORN good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ORN?
As of 2026-08-27, the correlation of weekly returns between FNGD and ORN is -0.22 over 3 years, -0.07 over 1 year and -0.21 over 5 years.
Is ORN a good diversifier for FNGD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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-orn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-orn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · ORN correlations
