DGRO vs FNGD: Correlation
iShares Core Dividend Growth ETF (DGRO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and FNGD?
On 3 years of weekly data the DGRO/FNGD correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.20) runs above the 3-year figure (-0.49). The 5-year figure is -0.57, and annualized covariance runs at -424.0 %².
FNGD is close to the least connected end of DGRO's tracked universe, ranking #136 of 138. The last year tells two different stories: DGRO led by 76.7 percentage points, +21.0% for DGRO against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 6.6 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.
DGRO vs FNGD: side by side
| DGRO (iShares Core Dividend Growth ETF) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +21.0% | -55.7% |
| 5-year return | +67.9% | -99.4% |
| Volatility (ann.) | 11.4% | 75.7% |
| Beta vs S&P 500 | 0.65 | -4.54 |
| Max drawdown (3Y) | -14.0% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 1.89% | 0.00% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | US Listed |
DGRO, iShares's Large Value fund, carries $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | FNGD |
|---|---|---|
| 2022 | -7.9% | +52.2% |
| 2023 | +10.5% | -90.1% |
| 2024 | +16.6% | -76.6% |
| 2025 | +15.7% | -61.4% |
| 2026 | +15.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGRO and FNGD?
The DGRO/FNGD correlation stands at -0.49 on a 3-year window (1 year: -0.20, 5 years: -0.57), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DGRO?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgro-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · FNGD correlations
