FNGD vs TMO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Thermo Fisher Scientific (TMO) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TMO?
Across a 3-year window, the weekly returns of FNGD and TMO correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.35, with an annualized covariance of -482.2 %².
Within FNGD's tracked universe of 1743 assets, TMO comes in at #213 by 3-year correlation. The last year tells two different stories: TMO led by 85.4 percentage points, -55.7% for FNGD against +29.7% for TMO. Risk is not evenly split, since FNGD carries 2.6 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 TMO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | -55.7% | +29.7% |
| 5-year return | -99.4% | +14.5% |
| Volatility (ann.) | 75.7% | 29.4% |
| Beta vs S&P 500 | -4.54 | 0.74 |
| Max drawdown (3Y) | -97.6% | -37.3% |
| Market cap | – | $233.2B |
| P/E (trailing) | 20.6 | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FNGD | TMO |
|---|---|---|
| 2022 | +52.2% | -17.3% |
| 2023 | -90.1% | -3.4% |
| 2024 | -76.6% | -1.7% |
| 2025 | -61.4% | +11.8% |
| 2026 | -49.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TMO good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and TMO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TMO?
As of 2026-08-27, the correlation of weekly returns between FNGD and TMO is -0.22 over 3 years, -0.17 over 1 year and -0.35 over 5 years.
Is TMO a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and TMO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-tmo/)
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Related comparisons
Hubs: FNGD correlations · TMO correlations
