FNGD vs OTIS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Otis Worldwide (OTIS) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OTIS?
On 3 years of weekly data the FNGD/OTIS correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.23 over 1 year against -0.23 over 3. The 5-year figure is -0.37, and annualized covariance runs at -326.4 %².
By 3-year correlation, OTIS places #270 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with OTIS ahead by 38.9 points (-55.7% versus -16.8%). One caveat on sizing: FNGD is 4.0 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 OTIS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OTIS (Otis Worldwide) | |
|---|---|---|
| 1-year return | -55.7% | -16.8% |
| 5-year return | -99.4% | -15.9% |
| Volatility (ann.) | 75.7% | 19.1% |
| Beta vs S&P 500 | -4.54 | 0.59 |
| Max drawdown (3Y) | -97.6% | -32.4% |
| Market cap | – | $27.2B |
| P/E (trailing) | 20.6 | 18.4 |
| Dividend yield | 0.00% | 2.35% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | OTIS |
|---|---|---|
| 2022 | +52.2% | -8.8% |
| 2023 | -90.1% | +16.0% |
| 2024 | -76.6% | +5.2% |
| 2025 | -61.4% | -4.0% |
| 2026 | -49.5% | -16.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OTIS good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and OTIS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and OTIS?
As of 2026-08-27, the correlation of weekly returns between FNGD and OTIS is -0.23 over 3 years, -0.23 over 1 year and -0.37 over 5 years.
Is OTIS a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and OTIS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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.
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Related comparisons
Hubs: FNGD correlations · OTIS correlations
