FNGD vs XENE: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Xenon Pharmaceuticals Inc. (XENE) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XENE?
Across a 3-year window, the weekly returns of FNGD and XENE correlate at -0.17, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.17 over 3 years. Stretching to 5 years gives -0.17, with an annualized covariance of -577.4 %².
Within FNGD's tracked universe of 1743 assets, XENE comes in at #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XENE ahead by 115.0 points (-55.7% versus +59.3%). Note the risk asymmetry: FNGD runs 1.7 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 XENE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XENE (Xenon Pharmaceuticals Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +59.3% |
| 5-year return | -99.4% | +266.2% |
| Volatility (ann.) | 75.7% | 44.0% |
| Beta vs S&P 500 | -4.54 | 0.83 |
| Max drawdown (3Y) | -97.6% | -43.6% |
| Market cap | – | $6.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | XENE |
|---|---|---|
| 2022 | +52.2% | +26.2% |
| 2023 | -90.1% | +16.8% |
| 2024 | -76.6% | -14.9% |
| 2025 | -61.4% | +14.3% |
| 2026 | -49.5% | +38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XENE good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and XENE?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.06 over the last year and -0.17 over 5 years.
Is XENE a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 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-xene.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-xene/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · XENE correlations
