FDUS vs FNGD: Correlation
Fidus Investment Corporation - Closed End Fund (FDUS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDUS and FNGD?
Across a 3-year window, the weekly returns of FDUS and FNGD correlate at -0.32, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.50) runs below the 3-year figure (-0.32). Stretching to 5 years gives -0.33, with an annualized covariance of -419.9 %².
Out of 21 assets tracked against FDUS, FNGD lands near the bottom at #19. Correlation aside, the last 12 months split them widely, with FDUS ahead by 59.4 points (+3.7% versus -55.7%). Note the risk asymmetry: FNGD runs 4.3 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.
FDUS vs FNGD: side by side
| FDUS (Fidus Investment Corporation - Closed End Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +3.7% | -55.7% |
| 5-year return | +100.3% | -99.4% |
| Volatility (ann.) | 17.5% | 75.7% |
| Beta vs S&P 500 | 0.57 | -4.54 |
| Max drawdown (3Y) | -23.9% | -97.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | 9.5 | 20.6 |
| Dividend yield | 8.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FDUS | FNGD |
|---|---|---|
| 2022 | +17.1% | +52.2% |
| 2023 | +20.0% | -90.1% |
| 2024 | +20.5% | -76.6% |
| 2025 | +2.1% | -61.4% |
| 2026 | +8.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDUS and FNGD good diversifiers for each other?
Yes. With a correlation of -0.32, FDUS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FDUS and FNGD?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.50 over the last year and -0.33 over 5 years.
Is FNGD a good diversifier for FDUS?
Yes. With a correlation of -0.32, FDUS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/fdus-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fdus-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FDUS correlations · FNGD correlations
