EHI vs FNGD: Correlation
Measured on weekly returns over the past three years, Western Asset Global High Income Fund Inc (EHI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EHI and FNGD?
Across a 3-year window, the weekly returns of EHI and FNGD correlate at -0.41, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.46 lands near the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -352.8 %².
FNGD is close to the least connected end of EHI's tracked universe, ranking #13 of 15. Correlation aside, the last 12 months split them widely, with EHI ahead by 55.1 points (-0.6% versus -55.7%). One caveat on sizing: FNGD is 6.6 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.
EHI vs FNGD: side by side
| EHI (Western Asset Global High Income Fund Inc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -0.6% | -55.7% |
| 5-year return | -1.0% | -99.4% |
| Volatility (ann.) | 11.4% | 75.7% |
| Beta vs S&P 500 | 0.45 | -4.54 |
| Max drawdown (3Y) | -16.0% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.0 | 20.6 |
| Dividend yield | 14.66% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EHI | FNGD |
|---|---|---|
| 2022 | -25.2% | +52.2% |
| 2023 | +19.2% | -90.1% |
| 2024 | +4.2% | -76.6% |
| 2025 | +9.1% | -61.4% |
| 2026 | -2.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EHI and FNGD good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EHI and FNGD?
As of 2026-08-27, the correlation of weekly returns between EHI and FNGD is -0.41 over 3 years, -0.46 over 1 year and -0.41 over 5 years.
Is FNGD a good diversifier for EHI?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
A reading of -0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EHI correlations · FNGD correlations
