FINS vs FNGD: Correlation
Measured on weekly returns over the past three years, Angel Oak Financial Strategies Income Term Trust (FINS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FINS and FNGD?
Over the past 3 years, FINS and FNGD moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.44 lands near the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -224.9 %².
Out of 12 assets tracked against FINS, FNGD lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months FINS outperformed by 61.9 percentage points (+6.2% for FINS against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 9.2 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.
FINS vs FNGD: side by side
| FINS (Angel Oak Financial Strategies Income Term Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +6.2% | -55.7% |
| 5-year return | +12.5% | -99.4% |
| Volatility (ann.) | 8.2% | 75.7% |
| Beta vs S&P 500 | 0.28 | -4.54 |
| Max drawdown (3Y) | -6.0% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | 7.6 | 20.6 |
| Dividend yield | 10.65% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FINS | FNGD |
|---|---|---|
| 2022 | -18.2% | +52.2% |
| 2023 | +2.5% | -90.1% |
| 2024 | +18.3% | -76.6% |
| 2025 | +15.2% | -61.4% |
| 2026 | +2.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FINS and FNGD good diversifiers for each other?
Yes. With a correlation of -0.36, FINS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FINS and FNGD?
The FINS/FNGD correlation stands at -0.36 on a 3-year window (1 year: -0.44, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FINS?
Yes. With a correlation of -0.36, FINS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 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/fins-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fins-vs-fngd/)
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Related comparisons
Hubs: FINS correlations · FNGD correlations
