FLC vs FNGD: Correlation
Measured on weekly returns over the past three years, Flaherty & Crumrine Total Return Fund Inc (FLC) 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 FLC and FNGD?
Across a 3-year window, the weekly returns of FLC and FNGD correlate at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. Stretching to 5 years gives -0.40, with an annualized covariance of -352.5 %².
Out of 22 assets tracked against FLC, FNGD lands near the bottom at #20. Their recent paths diverged sharply: over the last 12 months FLC outperformed by 59.5 percentage points (+3.8% for FLC against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 6.7 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.
FLC vs FNGD: side by side
| FLC (Flaherty & Crumrine Total Return Fund Inc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +3.8% | -55.7% |
| 5-year return | -0.2% | -99.4% |
| Volatility (ann.) | 11.3% | 75.7% |
| Beta vs S&P 500 | 0.48 | -4.54 |
| Max drawdown (3Y) | -10.5% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | 9.3 | 20.6 |
| Dividend yield | 7.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLC | FNGD |
|---|---|---|
| 2022 | -25.1% | +52.2% |
| 2023 | -0.8% | -90.1% |
| 2024 | +23.1% | -76.6% |
| 2025 | +12.4% | -61.4% |
| 2026 | -0.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLC 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 FLC and FNGD?
The FLC/FNGD correlation stands at -0.41 on a 3-year window (1 year: -0.43, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FLC?
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?
On the −1 to +1 scale, -0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/flc-vs-fngd/)
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Related comparisons
Hubs: FLC correlations · FNGD correlations
