ERC vs FNGD: Correlation
Allspring Multi-Sector Income Fund (ERC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERC and FNGD?
Over the past 3 years, ERC and FNGD moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.50 lands near the 3-year figure. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -345.7 %².
Among the 22 assets we track against ERC, FNGD sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months ERC outperformed by 62.4 percentage points (+6.7% for ERC against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 7.5 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.
ERC vs FNGD: side by side
| ERC (Allspring Multi-Sector Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +6.7% | -55.7% |
| 5-year return | +11.4% | -99.4% |
| Volatility (ann.) | 10.1% | 75.7% |
| Beta vs S&P 500 | 0.41 | -4.54 |
| Max drawdown (3Y) | -9.8% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 9.7 | 20.6 |
| Dividend yield | 9.33% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERC | FNGD |
|---|---|---|
| 2022 | -17.8% | +52.2% |
| 2023 | +4.9% | -90.1% |
| 2024 | +6.1% | -76.6% |
| 2025 | +11.1% | -61.4% |
| 2026 | +5.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERC and FNGD good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ERC and FNGD?
The ERC/FNGD correlation stands at -0.45 on a 3-year window (1 year: -0.50, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ERC?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
A reading of -0.45 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
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Related comparisons
Hubs: ERC correlations · FNGD correlations
