FFA vs FNGD: Correlation
How closely do First Trust Enhanced Equity Income Fund (FFA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.75, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFA and FNGD?
On 3 years of weekly data the FFA/FNGD correlation comes out at -0.75, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.76 lands near the 3-year figure. The 5-year figure is -0.73, and annualized covariance runs at -846.1 %².
FNGD is close to the least connected end of FFA's tracked universe, ranking #20 of 20. Correlation aside, the last 12 months split them widely, with FFA ahead by 73.0 points (+17.3% versus -55.7%). Note the risk asymmetry: FNGD runs 5.1 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.
FFA vs FNGD: side by side
| FFA (First Trust Enhanced Equity Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +17.3% | -55.7% |
| 5-year return | +54.8% | -99.4% |
| Volatility (ann.) | 14.9% | 75.7% |
| Beta vs S&P 500 | 0.93 | -4.54 |
| Max drawdown (3Y) | -19.9% | -97.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | 5.7 | 20.6 |
| Dividend yield | 6.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FFA | FNGD |
|---|---|---|
| 2022 | -20.3% | +52.2% |
| 2023 | +24.7% | -90.1% |
| 2024 | +21.5% | -76.6% |
| 2025 | +14.2% | -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 FFA and FNGD good diversifiers for each other?
Yes: at -0.75, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FFA and FNGD?
The FFA/FNGD correlation stands at -0.75 on a 3-year window (1 year: -0.76, 5 years: -0.73), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FFA?
Yes: at -0.75, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.75 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ffa-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ffa-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FFA correlations · FNGD correlations
