DHF vs FNGD: Correlation
BNY Mellon High Yield Strategies Fund (DHF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHF and FNGD?
On 3 years of weekly data the DHF/FNGD correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. The 5-year figure is -0.48, and annualized covariance runs at -383.5 %².
FNGD is close to the least connected end of DHF's tracked universe, ranking #13 of 15. The last year tells two different stories: DHF led by 55.1 percentage points, -0.6% for DHF 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.
DHF vs FNGD: side by side
| DHF (BNY Mellon High Yield Strategies Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -0.6% | -55.7% |
| 5-year return | +7.9% | -99.4% |
| Volatility (ann.) | 11.4% | 75.7% |
| Beta vs S&P 500 | 0.52 | -4.54 |
| Max drawdown (3Y) | -11.8% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | 13.8 | 20.6 |
| Dividend yield | 8.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHF | FNGD |
|---|---|---|
| 2022 | -22.5% | +52.2% |
| 2023 | +15.0% | -90.1% |
| 2024 | +21.4% | -76.6% |
| 2025 | +5.9% | -61.4% |
| 2026 | -0.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHF and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between DHF and FNGD?
The DHF/FNGD correlation stands at -0.44 on a 3-year window (1 year: -0.40, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DHF?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 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/dhf-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dhf-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DHF correlations · FNGD correlations
