FNGD vs OSW: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OneSpaWorld Holdings Limited (OSW) 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 OSW?
On 3 years of weekly data the FNGD/OSW 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 -0.00 versus -0.34 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -806.5 %².
Among the 1743 assets we track against FNGD, OSW ranks #1094 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OSW ahead by 70.9 points (-55.7% versus +15.2%). Risk is not evenly split, since FNGD carries 2.4 times the volatility of the other side.
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 OSW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OSW (OneSpaWorld Holdings Limited) | |
|---|---|---|
| 1-year return | -55.7% | +15.2% |
| 5-year return | -99.4% | +153.8% |
| Volatility (ann.) | 75.7% | 31.3% |
| Beta vs S&P 500 | -4.54 | 0.89 |
| Max drawdown (3Y) | -97.6% | -34.6% |
| Market cap | – | $2.7B |
| P/E (trailing) | 20.6 | 33.1 |
| Dividend yield | 0.00% | 0.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OSW |
|---|---|---|
| 2022 | +52.2% | -6.9% |
| 2023 | -90.1% | +51.1% |
| 2024 | -76.6% | +41.8% |
| 2025 | -61.4% | +5.1% |
| 2026 | -49.5% | +27.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OSW good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OSW?
The FNGD/OSW correlation stands at -0.34 on a 3-year window (1 year: -0.00, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is OSW a good diversifier for FNGD?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
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
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Related comparisons
Hubs: FNGD correlations · OSW correlations
