FNGD vs TNYA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Tenaya Therapeutics, Inc. (TNYA) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TNYA?
Over the past 3 years, FNGD and TNYA moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.41) sits close to the 3-year figure. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -3085.9 %².
Among the 1743 assets we track against FNGD, TNYA ranks #994 by 3-year correlation. The last year tells two different stories: TNYA led by 18.9 percentage points, -55.7% for FNGD against -36.8% for TNYA. Risk is not evenly split, since TNYA carries 1.7 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 TNYA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TNYA (Tenaya Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -36.8% |
| 5-year return | -99.4% | -97.3% |
| Volatility (ann.) | 75.7% | 126.0% |
| Beta vs S&P 500 | -4.54 | 2.90 |
| Max drawdown (3Y) | -97.6% | -94.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TNYA |
|---|---|---|
| 2022 | +52.2% | -89.4% |
| 2023 | -90.1% | +61.2% |
| 2024 | -76.6% | -55.9% |
| 2025 | -61.4% | -50.2% |
| 2026 | -49.5% | -2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TNYA good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TNYA?
The FNGD/TNYA correlation stands at -0.32 on a 3-year window (1 year: -0.41, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is TNYA a good diversifier for FNGD?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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-tnya.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-tnya/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TNYA correlations
