FNGD vs OSIS: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OSI Systems, Inc. (OSIS) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OSIS?
Across a 3-year window, the weekly returns of FNGD and OSIS correlate at -0.40, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.40). Stretching to 5 years gives -0.42, with an annualized covariance of -1159.6 %².
Among the 1743 assets we track against FNGD, OSIS ranks #1366 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OSIS ahead by 47.2 points (-55.7% versus -8.5%). One caveat on sizing: FNGD is 2.0 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 OSIS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OSIS (OSI Systems, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -8.5% |
| 5-year return | -99.4% | +113.6% |
| Volatility (ann.) | 75.7% | 38.1% |
| Beta vs S&P 500 | -4.54 | 1.39 |
| Max drawdown (3Y) | -97.6% | -36.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | 20.6 | 23.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OSIS |
|---|---|---|
| 2022 | +52.2% | -14.7% |
| 2023 | -90.1% | +62.3% |
| 2024 | -76.6% | +29.7% |
| 2025 | -61.4% | +52.3% |
| 2026 | -49.5% | -17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OSIS good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OSIS?
As of 2026-08-27, the correlation of weekly returns between FNGD and OSIS is -0.40 over 3 years, -0.19 over 1 year and -0.42 over 5 years.
Is OSIS a good diversifier for FNGD?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 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-osis.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-osis/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · OSIS correlations
