DSL vs FNGD: Correlation
DoubleLine Income Solutions Fund (DSL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DSL and FNGD?
Across a 3-year window, the weekly returns of DSL and FNGD correlate at -0.42, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.49) sits close to the 3-year figure. Stretching to 5 years gives -0.44, with an annualized covariance of -386.4 %².
Among the 30 assets we track against DSL, FNGD sits near the bottom by co-movement, at rank #28. Correlation aside, the last 12 months split them widely, with DSL ahead by 52.0 points (-3.7% versus -55.7%). Note the risk asymmetry: FNGD runs 6.2 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.
DSL vs FNGD: side by side
| DSL (DoubleLine Income Solutions Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.7% | -55.7% |
| 5-year return | +5.8% | -99.4% |
| Volatility (ann.) | 12.2% | 75.7% |
| Beta vs S&P 500 | 0.49 | -4.54 |
| Max drawdown (3Y) | -13.5% | -97.6% |
| Market cap | $1.2B | – |
| P/E (trailing) | 33.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DSL | FNGD |
|---|---|---|
| 2022 | -22.6% | +52.2% |
| 2023 | +23.4% | -90.1% |
| 2024 | +14.0% | -76.6% |
| 2025 | -0.0% | -61.4% |
| 2026 | +2.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DSL and FNGD good diversifiers for each other?
Yes. With a correlation of -0.42, DSL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DSL and FNGD?
As of 2026-08-27, the correlation of weekly returns between DSL and FNGD is -0.42 over 3 years, -0.49 over 1 year and -0.44 over 5 years.
Is FNGD a good diversifier for DSL?
Yes. With a correlation of -0.42, DSL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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
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Related comparisons
Hubs: DSL correlations · FNGD correlations
