FNGD vs TLPH: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Talphera, Inc. (TLPH) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TLPH?
On 3 years of weekly data the FNGD/TLPH correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.20 over 3. The 5-year figure is -0.15, and annualized covariance runs at -1344.7 %².
Within FNGD's tracked universe of 1743 assets, TLPH comes in at #97 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TLPH ahead by 183.5 points (-55.7% versus +127.8%).
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 TLPH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TLPH (Talphera, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +127.8% |
| 5-year return | -99.4% | -94.6% |
| Volatility (ann.) | 75.7% | 88.9% |
| Beta vs S&P 500 | -4.54 | 1.27 |
| Max drawdown (3Y) | -97.6% | -73.5% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TLPH |
|---|---|---|
| 2022 | +52.2% | -79.8% |
| 2023 | -90.1% | -67.3% |
| 2024 | -76.6% | -29.7% |
| 2025 | -61.4% | +119.2% |
| 2026 | -49.5% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TLPH good diversifiers for each other?
Yes. With a correlation of -0.20, FNGD and TLPH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TLPH?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.25 over the last year and -0.15 over 5 years.
Is TLPH a good diversifier for FNGD?
Yes. With a correlation of -0.20, FNGD and TLPH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-tlph.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tlph/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TLPH correlations
