DBL vs FNGD: Correlation
Measured on weekly returns over the past three years, DoubleLine Opportunistic Credit Fund (DBL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBL and FNGD?
On 3 years of weekly data the DBL/FNGD correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. The 5-year figure is -0.25, and annualized covariance runs at -110.6 %².
FNGD is close to the least connected end of DBL's tracked universe, ranking #8 of 10. Correlation aside, the last 12 months split them widely, with DBL ahead by 55.2 points (-0.5% versus -55.7%). Note the risk asymmetry: FNGD runs 11.0 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.
DBL vs FNGD: side by side
| DBL (DoubleLine Opportunistic Credit Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -0.5% | -55.7% |
| 5-year return | +10.1% | -99.4% |
| Volatility (ann.) | 6.9% | 75.7% |
| Beta vs S&P 500 | 0.17 | -4.54 |
| Max drawdown (3Y) | -5.7% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 21.1 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DBL | FNGD |
|---|---|---|
| 2022 | -15.8% | +52.2% |
| 2023 | +13.1% | -90.1% |
| 2024 | +10.0% | -76.6% |
| 2025 | +7.2% | -61.4% |
| 2026 | -1.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBL and FNGD good diversifiers for each other?
Yes. With a correlation of -0.21, DBL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DBL and FNGD?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.26 over the last year and -0.25 over 5 years.
Is FNGD a good diversifier for DBL?
Yes. With a correlation of -0.21, DBL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/dbl-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dbl-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DBL correlations · FNGD correlations
