CCD vs FNGD: Correlation
Measured on weekly returns over the past three years, Calamos Dynamic Convertible & Income Fund - Closed End Fund (CCD) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.63, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCD and FNGD?
Over the past 3 years, CCD and FNGD moved with a correlation of -0.63, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.64 lands near the 3-year figure. Over 5 years the correlation is -0.61, and the annualized covariance of weekly returns is -872.8 %².
FNGD is close to the least connected end of CCD's tracked universe, ranking #10 of 10. The last year tells two different stories: CCD led by 91.1 percentage points, +35.4% for CCD against -55.7% for FNGD. One caveat on sizing: FNGD is 4.1 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.
CCD vs FNGD: side by side
| CCD (Calamos Dynamic Convertible & Income Fund - Closed End Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +35.4% | -55.7% |
| 5-year return | +33.4% | -99.4% |
| Volatility (ann.) | 18.4% | 75.7% |
| Beta vs S&P 500 | 0.88 | -4.54 |
| Max drawdown (3Y) | -22.3% | -97.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | 2.9 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCD | FNGD |
|---|---|---|
| 2022 | -28.0% | +52.2% |
| 2023 | +8.0% | -90.1% |
| 2024 | +35.9% | -76.6% |
| 2025 | -4.3% | -61.4% |
| 2026 | +26.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCD and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.63 means the two rarely move for the same reasons.
FAQ
What is the correlation between CCD and FNGD?
The CCD/FNGD correlation stands at -0.63 on a 3-year window (1 year: -0.64, 5 years: -0.61), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CCD?
By historical standards, yes. A correlation of -0.63 means the two rarely move for the same reasons.
What does a correlation of -0.63 mean?
On the −1 to +1 scale, -0.63 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ccd-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ccd-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCD correlations · FNGD correlations
