FNGD vs OWLT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Owlet, Inc. (OWLT) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OWLT?
Over the past 3 years, FNGD and OWLT moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -1475.5 %².
Among the 1743 assets we track against FNGD, OWLT ranks #522 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OWLT outperformed by 25.2 percentage points (-55.7% for FNGD against -30.5% for OWLT).
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 OWLT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OWLT (Owlet, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -30.5% |
| 5-year return | -99.4% | -94.4% |
| Volatility (ann.) | 75.7% | 75.1% |
| Beta vs S&P 500 | -4.54 | 1.79 |
| Max drawdown (3Y) | -97.6% | -73.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OWLT |
|---|---|---|
| 2022 | +52.2% | -79.1% |
| 2023 | -90.1% | -32.5% |
| 2024 | -76.6% | -15.7% |
| 2025 | -61.4% | +263.8% |
| 2026 | -49.5% | -69.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OWLT good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and OWLT?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.27 over the last year and -0.23 over 5 years.
Is OWLT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-owlt.json
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Related comparisons
Hubs: FNGD correlations · OWLT correlations
