CCIF vs FNGD: Correlation
Carlyle Credit Income Fund Shares of Beneficial Interest (CCIF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCIF and FNGD?
On 3 years of weekly data the CCIF/FNGD correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. The 5-year figure is -0.24, and annualized covariance runs at -378.1 %².
Among the 10 assets we track against CCIF, FNGD sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months CCIF outperformed by 15.8 percentage points (-39.9% for CCIF against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 3.6 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.
CCIF vs FNGD: side by side
| CCIF (Carlyle Credit Income Fund Shares of Beneficial Interest) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -39.9% | -55.7% |
| 5-year return | -39.0% | -99.4% |
| Volatility (ann.) | 20.9% | 75.7% |
| Beta vs S&P 500 | 0.43 | -4.54 |
| Max drawdown (3Y) | -55.6% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCIF | FNGD |
|---|---|---|
| 2022 | -6.4% | +52.2% |
| 2023 | +14.5% | -90.1% |
| 2024 | +16.4% | -76.6% |
| 2025 | -27.6% | -61.4% |
| 2026 | -32.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCIF and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, CCIF and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CCIF and FNGD?
The CCIF/FNGD correlation stands at -0.24 on a 3-year window (1 year: -0.25, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CCIF?
Yes. With a correlation of -0.24, CCIF and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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
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[](https://www.pairbook.io/pair/ccif-vs-fngd/)
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Related comparisons
Hubs: CCIF correlations · FNGD correlations
