FNGD vs RGEN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Repligen Corporation (RGEN) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RGEN?
On 3 years of weekly data the FNGD/RGEN correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. The 5-year figure is -0.38, and annualized covariance runs at -1029.7 %².
By 3-year correlation, RGEN places #626 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with RGEN ahead by 108.8 points (-55.7% versus +53.1%). Note the risk asymmetry: FNGD runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RGEN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RGEN (Repligen Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +53.1% |
| 5-year return | -99.4% | -35.6% |
| Volatility (ann.) | 75.7% | 49.5% |
| Beta vs S&P 500 | -4.54 | 1.35 |
| Max drawdown (3Y) | -97.6% | -50.6% |
| Market cap | – | $10.3B |
| P/E (trailing) | 20.6 | 252.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RGEN |
|---|---|---|
| 2022 | +52.2% | -36.1% |
| 2023 | -90.1% | +6.2% |
| 2024 | -76.6% | -19.9% |
| 2025 | -61.4% | +13.8% |
| 2026 | -49.5% | +11.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RGEN good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RGEN?
As of 2026-08-27, the correlation of weekly returns between FNGD and RGEN is -0.27 over 3 years, -0.26 over 1 year and -0.38 over 5 years.
Is RGEN a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 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-rgen.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-rgen/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RGEN correlations
