FNGD vs OWL: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Blue Owl Capital Inc. (OWL) trade together? Their weekly returns over three years give a correlation of -0.54, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OWL?
Across a 3-year window, the weekly returns of FNGD and OWL correlate at -0.54, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.48 lands near the 3-year figure. Stretching to 5 years gives -0.52, with an annualized covariance of -1723.3 %².
Within FNGD's tracked universe of 1743 assets, OWL comes in at #1638 by 3-year correlation. The last year tells two different stories: OWL led by 25.5 percentage points, -55.7% for FNGD against -30.2% for OWL. One caveat on sizing: FNGD is 1.8 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 OWL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OWL (Blue Owl Capital Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -30.2% |
| 5-year return | -99.4% | +8.2% |
| Volatility (ann.) | 75.7% | 41.9% |
| Beta vs S&P 500 | -4.54 | 1.77 |
| Max drawdown (3Y) | -97.6% | -67.1% |
| Market cap | – | $18.8B |
| P/E (trailing) | 20.6 | 100.2 |
| Dividend yield | 0.00% | 7.71% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OWL |
|---|---|---|
| 2022 | +52.2% | -26.3% |
| 2023 | -90.1% | +47.4% |
| 2024 | -76.6% | +61.8% |
| 2025 | -61.4% | -32.8% |
| 2026 | -49.5% | -14.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OWL good diversifiers for each other?
Yes. With a correlation of -0.54, FNGD and OWL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and OWL?
Using weekly returns as of 2026-08-27: -0.54 over 3 years, with -0.48 over the last year and -0.52 over 5 years.
Is OWL a good diversifier for FNGD?
Yes. With a correlation of -0.54, FNGD and OWL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.54 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-owl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-owl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · OWL correlations
