DMA vs FNGD: Correlation
Measured on weekly returns over the past three years, Destra Multi-Alternative Fund (DMA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMA and FNGD?
Across a 3-year window, the weekly returns of DMA and FNGD correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.10) runs above the 3-year figure (-0.27). Stretching to 5 years gives -0.18, with an annualized covariance of -362.0 %².
Out of 10 assets tracked against DMA, FNGD lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months DMA outperformed by 52.4 percentage points (-3.3% for DMA against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 4.3 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.
DMA vs FNGD: side by side
| DMA (Destra Multi-Alternative Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.3% | -55.7% |
| 5-year return | +19.8% | -99.4% |
| Volatility (ann.) | 17.6% | 75.7% |
| Beta vs S&P 500 | 0.47 | -4.54 |
| Max drawdown (3Y) | -19.4% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMA | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | -3.8% | -90.1% |
| 2024 | +41.1% | -76.6% |
| 2025 | +12.0% | -61.4% |
| 2026 | -6.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between DMA and FNGD?
The DMA/FNGD correlation stands at -0.27 on a 3-year window (1 year: -0.10, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DMA?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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/dma-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dma-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMA correlations · FNGD correlations
