DX vs FNGD: Correlation
How closely do Dynex Capital, Inc. (DX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and FNGD?
On 3 years of weekly data the DX/FNGD correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. The 5-year figure is -0.36, and annualized covariance runs at -413.5 %².
FNGD is close to the least connected end of DX's tracked universe, ranking #13 of 15. The last year tells two different stories: DX led by 76.2 percentage points, +20.5% for DX against -55.7% for FNGD. One caveat on sizing: FNGD is 3.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DX vs FNGD: side by side
| DX (Dynex Capital, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +20.5% | -55.7% |
| 5-year return | +40.2% | -99.4% |
| Volatility (ann.) | 21.5% | 75.7% |
| Beta vs S&P 500 | 0.70 | -4.54 |
| Max drawdown (3Y) | -25.8% | -97.6% |
| Market cap | $3.2B | – |
| P/E (trailing) | 4.1 | 20.6 |
| Dividend yield | 15.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DX | FNGD |
|---|---|---|
| 2022 | -15.4% | +52.2% |
| 2023 | +11.9% | -90.1% |
| 2024 | +13.6% | -76.6% |
| 2025 | +29.5% | -61.4% |
| 2026 | +3.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between DX and FNGD?
As of 2026-08-27, the correlation of weekly returns between DX and FNGD is -0.25 over 3 years, -0.23 over 1 year and -0.36 over 5 years.
Is FNGD a good diversifier for DX?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 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/dx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DX correlations · FNGD correlations
