CGBD vs FNGD: Correlation
How closely do Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGBD and FNGD?
Across a 3-year window, the weekly returns of CGBD and FNGD correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (-0.26). Stretching to 5 years gives -0.34, with an annualized covariance of -425.8 %².
Out of 18 assets tracked against CGBD, FNGD lands near the bottom at #16. The last year tells two different stories: CGBD led by 51.8 percentage points, -3.9% for CGBD against -55.7% for FNGD. One caveat on sizing: FNGD is 3.5 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.
CGBD vs FNGD: side by side
| CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.9% | -55.7% |
| 5-year return | +52.6% | -99.4% |
| Volatility (ann.) | 21.6% | 75.7% |
| Beta vs S&P 500 | 0.67 | -4.54 |
| Max drawdown (3Y) | -35.1% | -97.6% |
| Market cap | $0.8B | – |
| P/E (trailing) | 22.4 | 20.6 |
| Dividend yield | 13.68% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGBD | FNGD |
|---|---|---|
| 2022 | +17.7% | +52.2% |
| 2023 | +18.0% | -90.1% |
| 2024 | +33.5% | -76.6% |
| 2025 | -21.5% | -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 CGBD and FNGD good diversifiers for each other?
Yes. With a correlation of -0.26, CGBD and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CGBD and FNGD?
The CGBD/FNGD correlation stands at -0.26 on a 3-year window (1 year: -0.38, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CGBD?
Yes. With a correlation of -0.26, CGBD and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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/cgbd-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgbd-vs-fngd/)
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Related comparisons
Hubs: CGBD correlations · FNGD correlations
