FNGD vs PKOH: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Park-Ohio Holdings Corp. (PKOH) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PKOH?
Across a 3-year window, the weekly returns of FNGD and PKOH correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.25, with an annualized covariance of -860.7 %².
Within FNGD's tracked universe of 1743 assets, PKOH comes in at #527 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PKOH ahead by 201.7 points (-55.7% versus +146.0%). Risk is not evenly split, since FNGD carries 1.7 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 PKOH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PKOH (Park-Ohio Holdings Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +146.0% |
| 5-year return | -99.4% | +101.4% |
| Volatility (ann.) | 75.7% | 43.9% |
| Beta vs S&P 500 | -4.54 | 1.33 |
| Max drawdown (3Y) | -97.6% | -52.5% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | 24.6 |
| Dividend yield | 0.00% | 1.09% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PKOH |
|---|---|---|
| 2022 | +52.2% | -40.3% |
| 2023 | -90.1% | +127.1% |
| 2024 | -76.6% | -0.8% |
| 2025 | -61.4% | -18.3% |
| 2026 | -49.5% | +129.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PKOH good diversifiers for each other?
Yes. With a correlation of -0.26, FNGD and PKOH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PKOH?
The FNGD/PKOH correlation stands at -0.26 on a 3-year window (1 year: -0.31, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is PKOH a good diversifier for FNGD?
Yes. With a correlation of -0.26, FNGD and PKOH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-pkoh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pkoh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · PKOH correlations
