FNGD vs TECH: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Bio-Techne (TECH) trade together? Their weekly returns over three years give a correlation of -0.16, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TECH?
On 3 years of weekly data the FNGD/TECH correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.00 versus -0.16 over 3 years. The 5-year figure is -0.28, and annualized covariance runs at -499.0 %².
Among the 1743 assets we track against FNGD, TECH ranks #12 by 3-year correlation. The last year tells two different stories: TECH led by 85.3 percentage points, -55.7% for FNGD against +29.6% for TECH. One caveat on sizing: FNGD is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TECH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TECH (Bio-Techne) | |
|---|---|---|
| 1-year return | -55.7% | +29.6% |
| 5-year return | -99.4% | -41.4% |
| Volatility (ann.) | 75.7% | 41.9% |
| Beta vs S&P 500 | -4.54 | 0.90 |
| Max drawdown (3Y) | -97.6% | -48.1% |
| Market cap | – | $11.4B |
| P/E (trailing) | 20.6 | 62.5 |
| Dividend yield | 0.00% | 0.44% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FNGD | TECH |
|---|---|---|
| 2022 | +52.2% | -35.7% |
| 2023 | -90.1% | -6.5% |
| 2024 | -76.6% | -6.2% |
| 2025 | -61.4% | -17.9% |
| 2026 | -49.5% | +23.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TECH good diversifiers for each other?
Yes. With a correlation of -0.16, FNGD and TECH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TECH?
The FNGD/TECH correlation stands at -0.16 on a 3-year window (1 year: -0.00, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is TECH a good diversifier for FNGD?
Yes. With a correlation of -0.16, FNGD and TECH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
A reading of -0.16 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-tech.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-tech/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TECH correlations
