FNGD vs OTEX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Open Text Corporation (OTEX) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OTEX?
Across a 3-year window, the weekly returns of FNGD and OTEX correlate at -0.39, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Stretching to 5 years gives -0.45, with an annualized covariance of -946.6 %².
By 3-year correlation, OTEX places #1324 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months OTEX outperformed by 35.0 percentage points (-55.7% for FNGD against -20.7% for OTEX). Note the risk asymmetry: FNGD runs 2.3 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 OTEX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OTEX (Open Text Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -20.7% |
| 5-year return | -99.4% | -46.4% |
| Volatility (ann.) | 75.7% | 32.4% |
| Beta vs S&P 500 | -4.54 | 1.06 |
| Max drawdown (3Y) | -97.6% | -50.4% |
| Market cap | – | $6.1B |
| P/E (trailing) | 20.6 | 9.4 |
| Dividend yield | 0.00% | 4.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OTEX |
|---|---|---|
| 2022 | +52.2% | -35.9% |
| 2023 | -90.1% | +45.4% |
| 2024 | -76.6% | -30.4% |
| 2025 | -61.4% | +19.3% |
| 2026 | -49.5% | -21.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OTEX good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OTEX?
The FNGD/OTEX correlation stands at -0.39 on a 3-year window (1 year: -0.32, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is OTEX a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
A reading of -0.39 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 · OTEX correlations
