FNGD vs OVID: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ovid Therapeutics Inc. (OVID) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OVID?
Across a 3-year window, the weekly returns of FNGD and OVID correlate at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.20 lands near the 3-year figure. Stretching to 5 years gives -0.22, with an annualized covariance of -1758.8 %².
Within FNGD's tracked universe of 1743 assets, OVID comes in at #191 by 3-year correlation. The last year tells two different stories: OVID led by 188.2 percentage points, -55.7% for FNGD against +132.5% for OVID.
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 OVID: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OVID (Ovid Therapeutics Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +132.5% |
| 5-year return | -99.4% | -16.5% |
| Volatility (ann.) | 75.7% | 103.3% |
| Beta vs S&P 500 | -4.54 | 2.01 |
| Max drawdown (3Y) | -97.6% | -93.7% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OVID |
|---|---|---|
| 2022 | +52.2% | -42.1% |
| 2023 | -90.1% | +73.1% |
| 2024 | -76.6% | -71.0% |
| 2025 | -61.4% | +74.5% |
| 2026 | -49.5% | +79.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OVID good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OVID?
As of 2026-08-27, the correlation of weekly returns between FNGD and OVID is -0.22 over 3 years, -0.20 over 1 year and -0.22 over 5 years.
Is OVID a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ovid.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ovid/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · OVID correlations
