CHW vs FNGD: Correlation
Measured on weekly returns over the past three years, Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.71, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and FNGD?
Over the past 3 years, CHW and FNGD moved with a correlation of -0.71, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.64) sits close to the 3-year figure. Over 5 years the correlation is -0.71, and the annualized covariance of weekly returns is -1005.0 %².
FNGD is close to the least connected end of CHW's tracked universe, ranking #17 of 17. Their recent paths diverged sharply: over the last 12 months CHW outperformed by 82.5 percentage points (+26.8% for CHW 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.
CHW vs FNGD: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +26.8% | -55.7% |
| 5-year return | +27.6% | -99.4% |
| Volatility (ann.) | 18.6% | 75.7% |
| Beta vs S&P 500 | 1.05 | -4.54 |
| Max drawdown (3Y) | -20.4% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | 20.6 |
| Dividend yield | 7.03% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHW | FNGD |
|---|---|---|
| 2022 | -37.7% | +52.2% |
| 2023 | +14.5% | -90.1% |
| 2024 | +27.8% | -76.6% |
| 2025 | +19.6% | -61.4% |
| 2026 | +20.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and FNGD good diversifiers for each other?
Yes. With a correlation of -0.71, CHW and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CHW and FNGD?
Using weekly returns as of 2026-08-27: -0.71 over 3 years, with -0.64 over the last year and -0.71 over 5 years.
Is FNGD a good diversifier for CHW?
Yes. With a correlation of -0.71, CHW and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.71 mean?
On the −1 to +1 scale, -0.71 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/chw-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/chw-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHW correlations · FNGD correlations
