CHY vs FNGD: Correlation
How closely do Calamos Convertible and High Income Fund - Closed End Fund (CHY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.60, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHY and FNGD?
On 3 years of weekly data the CHY/FNGD correlation comes out at -0.60, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.69 over 1 year against -0.60 over 3. The 5-year figure is -0.56, and annualized covariance runs at -742.2 %².
Out of 10 assets tracked against CHY, FNGD lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with CHY ahead by 88.5 points (+32.8% versus -55.7%). One caveat on sizing: FNGD is 4.6 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.
CHY vs FNGD: side by side
| CHY (Calamos Convertible and High Income Fund - Closed End Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +32.8% | -55.7% |
| 5-year return | +33.7% | -99.4% |
| Volatility (ann.) | 16.4% | 75.7% |
| Beta vs S&P 500 | 0.78 | -4.54 |
| Max drawdown (3Y) | -24.3% | -97.6% |
| Market cap | $1.1B | – |
| P/E (trailing) | 3.1 | 20.6 |
| Dividend yield | 9.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHY | FNGD |
|---|---|---|
| 2022 | -28.0% | +52.2% |
| 2023 | +20.8% | -90.1% |
| 2024 | +17.2% | -76.6% |
| 2025 | +4.0% | -61.4% |
| 2026 | +22.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHY and FNGD good diversifiers for each other?
Yes: at -0.60, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CHY and FNGD?
The CHY/FNGD correlation stands at -0.60 on a 3-year window (1 year: -0.69, 5 years: -0.56), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CHY?
Yes: at -0.60, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.60 mean?
On the −1 to +1 scale, -0.60 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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Related comparisons
Hubs: CHY correlations · FNGD correlations
