FNGD vs OUT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and OUTFRONT Media Inc. (OUT) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OUT?
Across a 3-year window, the weekly returns of FNGD and OUT correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.25). Stretching to 5 years gives -0.38, with an annualized covariance of -703.9 %².
Within FNGD's tracked universe of 1743 assets, OUT comes in at #448 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OUT outperformed by 122.5 percentage points (-55.7% for FNGD against +66.8% for OUT). One caveat on sizing: FNGD is 2.0 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 OUT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OUT (OUTFRONT Media Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +66.8% |
| 5-year return | -99.4% | +65.9% |
| Volatility (ann.) | 75.7% | 37.2% |
| Beta vs S&P 500 | -4.54 | 1.22 |
| Max drawdown (3Y) | -97.6% | -32.0% |
| Market cap | – | $5.3B |
| P/E (trailing) | 20.6 | 21.9 |
| Dividend yield | 0.00% | 3.92% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OUT |
|---|---|---|
| 2022 | +52.2% | -34.4% |
| 2023 | -90.1% | -8.0% |
| 2024 | -76.6% | +40.6% |
| 2025 | -61.4% | +41.5% |
| 2026 | -49.5% | +27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OUT good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OUT?
The FNGD/OUT correlation stands at -0.25 on a 3-year window (1 year: -0.04, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is OUT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-out.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-out/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · OUT correlations
