CGO vs FNGD: Correlation
Measured on weekly returns over the past three years, Calamos Global Total Return Fund - Closed End Fund (CGO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.70, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGO and FNGD?
On 3 years of weekly data the CGO/FNGD correlation comes out at -0.70, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.67 lands near the 3-year figure. The 5-year figure is -0.63, and annualized covariance runs at -1020.2 %².
Among the 16 assets we track against CGO, FNGD sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with CGO ahead by 77.8 points (+22.1% versus -55.7%). Note the risk asymmetry: FNGD runs 3.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CGO vs FNGD: side by side
| CGO (Calamos Global Total Return Fund - Closed End Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +22.1% | -55.7% |
| 5-year return | +21.0% | -99.4% |
| Volatility (ann.) | 19.2% | 75.7% |
| Beta vs S&P 500 | 1.04 | -4.54 |
| Max drawdown (3Y) | -26.7% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | 2.9 | 20.6 |
| Dividend yield | 7.31% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGO | FNGD |
|---|---|---|
| 2022 | -36.6% | +52.2% |
| 2023 | +14.0% | -90.1% |
| 2024 | +36.8% | -76.6% |
| 2025 | +8.9% | -61.4% |
| 2026 | +20.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGO and FNGD good diversifiers for each other?
Yes: at -0.70, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CGO and FNGD?
As of 2026-08-27, the correlation of weekly returns between CGO and FNGD is -0.70 over 3 years, -0.67 over 1 year and -0.63 over 5 years.
Is FNGD a good diversifier for CGO?
Yes: at -0.70, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.70 mean?
On the −1 to +1 scale, -0.70 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/cgo-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgo-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGO correlations · FNGD correlations
