AVK vs FNGD: Correlation
Measured on weekly returns over the past three years, Advent Convertible and Income Fund (AVK) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.58, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVK and FNGD?
Over the past 3 years, AVK and FNGD moved with a correlation of -0.58, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.73 versus -0.58 over 3 years. Over 5 years the correlation is -0.54, and the annualized covariance of weekly returns is -731.2 %².
FNGD is close to the least connected end of AVK's tracked universe, ranking #12 of 12. The last year tells two different stories: AVK led by 68.3 percentage points, +12.6% for AVK against -55.7% for FNGD. One caveat on sizing: FNGD is 4.6 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.
AVK vs FNGD: side by side
| AVK (Advent Convertible and Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +12.6% | -55.7% |
| 5-year return | +28.2% | -99.4% |
| Volatility (ann.) | 16.6% | 75.7% |
| Beta vs S&P 500 | 0.83 | -4.54 |
| Max drawdown (3Y) | -17.7% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 3.8 | 20.6 |
| Dividend yield | 11.20% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVK | FNGD |
|---|---|---|
| 2022 | -34.5% | +52.2% |
| 2023 | +18.1% | -90.1% |
| 2024 | +19.4% | -76.6% |
| 2025 | +19.6% | -61.4% |
| 2026 | +7.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVK and FNGD good diversifiers for each other?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AVK and FNGD?
The AVK/FNGD correlation stands at -0.58 on a 3-year window (1 year: -0.73, 5 years: -0.54), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AVK?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.58 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/avk-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avk-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVK correlations · FNGD correlations
