FNGD vs PRME: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Prime Medicine, Inc. (PRME) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PRME?
Over the past 3 years, FNGD and PRME moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -2584.2 %².
Among the 1743 assets we track against FNGD, PRME ranks #1152 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PRME ahead by 61.8 points (-55.7% versus +6.1%).
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 PRME: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PRME (Prime Medicine, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +6.1% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 98.7% |
| Beta vs S&P 500 | -4.54 | 2.97 |
| Max drawdown (3Y) | -97.6% | -91.4% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PRME |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | -52.3% |
| 2024 | -76.6% | -67.0% |
| 2025 | -61.4% | +18.8% |
| 2026 | -49.5% | +4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PRME good diversifiers for each other?
Yes. With a correlation of -0.35, FNGD and PRME have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PRME?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.32 over the last year and -0.30 over 5 years.
Is PRME a good diversifier for FNGD?
Yes. With a correlation of -0.35, FNGD and PRME have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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-prme.json
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Related comparisons
Hubs: FNGD correlations · PRME correlations
