FNGD vs OSUR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OraSure Technologies, Inc. (OSUR) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OSUR?
On 3 years of weekly data the FNGD/OSUR correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.23 over 3. The 5-year figure is -0.20, and annualized covariance runs at -723.0 %².
By 3-year correlation, OSUR places #269 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months OSUR outperformed by 66.2 percentage points (-55.7% for FNGD against +10.5% for OSUR). Note the risk asymmetry: FNGD runs 1.9 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 OSUR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OSUR (OraSure Technologies, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +10.5% |
| 5-year return | -99.4% | -66.1% |
| Volatility (ann.) | 75.7% | 40.8% |
| Beta vs S&P 500 | -4.54 | 0.83 |
| Max drawdown (3Y) | -97.6% | -74.7% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OSUR |
|---|---|---|
| 2022 | +52.2% | -44.5% |
| 2023 | -90.1% | +70.1% |
| 2024 | -76.6% | -56.0% |
| 2025 | -61.4% | -33.0% |
| 2026 | -49.5% | +52.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OSUR good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and OSUR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and OSUR?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.28 over the last year and -0.20 over 5 years.
Is OSUR a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and OSUR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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-osur.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-osur/)
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Related comparisons
Hubs: FNGD correlations · OSUR correlations
