AGNC vs FNGD: Correlation
Measured on weekly returns over the past three years, AGNC Investment Corp. (AGNC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGNC and FNGD?
Over the past 3 years, AGNC and FNGD moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -546.5 %².
FNGD is close to the least connected end of AGNC's tracked universe, ranking #12 of 14. Correlation aside, the last 12 months split them widely, with AGNC ahead by 83.7 points (+28.0% versus -55.7%). One caveat on sizing: FNGD is 3.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AGNC vs FNGD: side by side
| AGNC (AGNC Investment Corp.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +28.0% | -55.7% |
| 5-year return | +33.5% | -99.4% |
| Volatility (ann.) | 25.1% | 75.7% |
| Beta vs S&P 500 | 0.87 | -4.54 |
| Max drawdown (3Y) | -30.5% | -97.6% |
| Market cap | $13.0B | – |
| P/E (trailing) | 5.4 | 20.6 |
| Dividend yield | 13.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGNC | FNGD |
|---|---|---|
| 2022 | -21.7% | +52.2% |
| 2023 | +10.1% | -90.1% |
| 2024 | +8.9% | -76.6% |
| 2025 | +34.9% | -61.4% |
| 2026 | +10.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGNC and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between AGNC and FNGD?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.28 over the last year and -0.36 over 5 years.
Is FNGD a good diversifier for AGNC?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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/agnc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/agnc-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AGNC correlations · FNGD correlations
