FNGD vs OSPN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OneSpan Inc. (OSPN) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OSPN?
On 3 years of weekly data the FNGD/OSPN correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.34 over 3 years. The 5-year figure is -0.40, and annualized covariance runs at -1132.6 %².
Within FNGD's tracked universe of 1743 assets, OSPN comes in at #1093 by 3-year correlation. The last year tells two different stories: OSPN led by 71.3 percentage points, -55.7% for FNGD against +15.6% for OSPN. Note the risk asymmetry: FNGD runs 1.7 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 OSPN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OSPN (OneSpan Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +15.6% |
| 5-year return | -99.4% | -8.3% |
| Volatility (ann.) | 75.7% | 43.6% |
| Beta vs S&P 500 | -4.54 | 1.28 |
| Max drawdown (3Y) | -97.6% | -47.9% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | 9.3 |
| Dividend yield | 0.00% | 3.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OSPN |
|---|---|---|
| 2022 | +52.2% | -33.9% |
| 2023 | -90.1% | -4.2% |
| 2024 | -76.6% | +72.9% |
| 2025 | -61.4% | -28.5% |
| 2026 | -49.5% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OSPN good diversifiers for each other?
Yes. With a correlation of -0.34, FNGD and OSPN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and OSPN?
The FNGD/OSPN correlation stands at -0.34 on a 3-year window (1 year: -0.24, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is OSPN a good diversifier for FNGD?
Yes. With a correlation of -0.34, FNGD and OSPN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
A reading of -0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ospn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ospn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · OSPN correlations
