DHY vs FNGD: Correlation
Credit Suisse High Yield Credit Fund (DHY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHY and FNGD?
Over the past 3 years, DHY and FNGD moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.32 over 3. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -265.7 %².
Out of 13 assets tracked against DHY, FNGD lands near the bottom at #11. The last year tells two different stories: DHY led by 46.2 percentage points, -9.5% for DHY against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 6.9 times the volatility of the other side.
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.
DHY vs FNGD: side by side
| DHY (Credit Suisse High Yield Credit Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -9.5% | -55.7% |
| 5-year return | +9.4% | -99.4% |
| Volatility (ann.) | 10.9% | 75.7% |
| Beta vs S&P 500 | 0.36 | -4.54 |
| Max drawdown (3Y) | -12.9% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 17.1 | 20.6 |
| Dividend yield | 10.81% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHY | FNGD |
|---|---|---|
| 2022 | -21.5% | +52.2% |
| 2023 | +23.5% | -90.1% |
| 2024 | +18.5% | -76.6% |
| 2025 | +2.5% | -61.4% |
| 2026 | -8.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHY and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between DHY and FNGD?
As of 2026-08-27, the correlation of weekly returns between DHY and FNGD is -0.32 over 3 years, -0.22 over 1 year and -0.40 over 5 years.
Is FNGD a good diversifier for DHY?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 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/dhy-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dhy-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DHY correlations · FNGD correlations
