FNGD vs OZK: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Bank OZK (OZK) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and OZK?
Over the past 3 years, FNGD and OZK moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.10) runs above the 3-year figure (-0.17). Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -415.2 %².
Among the 1743 assets we track against FNGD, OZK ranks #20 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OZK outperformed by 52.3 percentage points (-55.7% for FNGD against -3.4% for OZK). Risk is not evenly split, since FNGD carries 2.3 times the volatility of the other side.
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 OZK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | OZK (Bank OZK) | |
|---|---|---|
| 1-year return | -55.7% | -3.4% |
| 5-year return | -99.4% | +40.0% |
| Volatility (ann.) | 75.7% | 32.8% |
| Beta vs S&P 500 | -4.54 | 0.99 |
| Max drawdown (3Y) | -97.6% | -29.2% |
| Market cap | – | $5.4B |
| P/E (trailing) | 20.6 | 8.2 |
| Dividend yield | 0.00% | 3.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | OZK |
|---|---|---|
| 2022 | +52.2% | -11.2% |
| 2023 | -90.1% | +29.1% |
| 2024 | -76.6% | -7.4% |
| 2025 | -61.4% | +7.4% |
| 2026 | -49.5% | +10.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and OZK good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and OZK?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with 0.10 over the last year and -0.26 over 5 years.
Is OZK a good diversifier for FNGD?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
A reading of -0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · OZK correlations
