CII vs FNGD: Correlation
BlackRock Enhanced Large Cap Core Fund, Inc. (CII) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CII and FNGD?
Over the past 3 years, CII and FNGD moved with a correlation of -0.70, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.61) sits close to the 3-year figure. Over 5 years the correlation is -0.69, and the annualized covariance of weekly returns is -937.8 %².
Out of 12 assets tracked against CII, FNGD lands near the bottom at #12. The last year tells two different stories: CII led by 86.7 percentage points, +31.0% for CII against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 4.3 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.
CII vs FNGD: side by side
| CII (BlackRock Enhanced Large Cap Core Fund, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +31.0% | -55.7% |
| 5-year return | +85.9% | -99.4% |
| Volatility (ann.) | 17.7% | 75.7% |
| Beta vs S&P 500 | 0.97 | -4.54 |
| Max drawdown (3Y) | -21.1% | -97.6% |
| Market cap | $1.0B | – |
| P/E (trailing) | 4.8 | 20.6 |
| Dividend yield | 8.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CII | FNGD |
|---|---|---|
| 2022 | -13.2% | +52.2% |
| 2023 | +18.5% | -90.1% |
| 2024 | +12.7% | -76.6% |
| 2025 | +37.8% | -61.4% |
| 2026 | +11.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CII 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 CII and FNGD?
Using weekly returns as of 2026-08-27: -0.70 over 3 years, with -0.61 over the last year and -0.69 over 5 years.
Is FNGD a good diversifier for CII?
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?
A reading of -0.70 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/cii-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cii-vs-fngd/)
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Related comparisons
Hubs: CII correlations · FNGD correlations
