FNGD vs XGN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Exagen Inc. (XGN) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XGN?
On 3 years of weekly data the FNGD/XGN correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.25 over 3 years. The 5-year figure is -0.23, and annualized covariance runs at -1662.9 %².
Within FNGD's tracked universe of 1743 assets, XGN comes in at #471 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XGN ahead by 34.4 points (-55.7% versus -21.3%).
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 XGN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XGN (Exagen Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -21.3% |
| 5-year return | -99.4% | -47.1% |
| Volatility (ann.) | 75.7% | 88.9% |
| Beta vs S&P 500 | -4.54 | 1.41 |
| Max drawdown (3Y) | -97.6% | -77.8% |
| 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 | XGN |
|---|---|---|
| 2022 | +52.2% | -79.4% |
| 2023 | -90.1% | -17.1% |
| 2024 | -76.6% | +106.0% |
| 2025 | -61.4% | +48.3% |
| 2026 | -49.5% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XGN good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and XGN?
As of 2026-08-27, the correlation of weekly returns between FNGD and XGN is -0.25 over 3 years, -0.40 over 1 year and -0.23 over 5 years.
Is XGN a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 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-xgn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-xgn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · XGN correlations
