AWF vs FNGD: Correlation
How closely do Alliancebernstein Global High Income Fund (AWF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWF and FNGD?
Over the past 3 years, AWF and FNGD moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.51) sits close to the 3-year figure. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -330.8 %².
Out of 18 assets tracked against AWF, FNGD lands near the bottom at #16. The last year tells two different stories: AWF led by 53.1 percentage points, -2.6% for AWF against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 7.8 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.
AWF vs FNGD: side by side
| AWF (Alliancebernstein Global High Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -2.6% | -55.7% |
| 5-year return | +21.4% | -99.4% |
| Volatility (ann.) | 9.7% | 75.7% |
| Beta vs S&P 500 | 0.42 | -4.54 |
| Max drawdown (3Y) | -11.1% | -97.6% |
| Market cap | $0.9B | – |
| P/E (trailing) | 13.6 | 20.6 |
| Dividend yield | 7.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWF | FNGD |
|---|---|---|
| 2022 | -16.6% | +52.2% |
| 2023 | +18.4% | -90.1% |
| 2024 | +14.4% | -76.6% |
| 2025 | +7.6% | -61.4% |
| 2026 | -0.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWF and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between AWF and FNGD?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.51 over the last year and -0.47 over 5 years.
Is FNGD a good diversifier for AWF?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
A reading of -0.45 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/awf-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/awf-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AWF correlations · FNGD correlations
