FMY vs PED: Correlation
Measured on weekly returns over the past three years, First Trust Mortgage Income Fund (FMY) and Pedevco Corp. (PED) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMY and PED?
Across a 3-year window, the weekly returns of FMY and PED correlate at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Stretching to 5 years gives -0.07, with an annualized covariance of -114.4 %².
Among the 12 assets we track against FMY, PED sits near the bottom by co-movement, at rank #9. Over the last 12 months PED came out ahead by 10.8 percentage points (+2.3% against +13.1%). Note the risk asymmetry: PED runs 5.6 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.
FMY vs PED: side by side
| FMY (First Trust Mortgage Income Fund) | PED (Pedevco Corp.) | |
|---|---|---|
| 1-year return | +2.3% | +13.1% |
| 5-year return | +18.1% | -39.7% |
| Volatility (ann.) | 9.6% | 54.0% |
| Beta vs S&P 500 | 0.12 | -0.28 |
| Max drawdown (3Y) | -7.1% | -58.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 6.94% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMY | PED |
|---|---|---|
| 2022 | -13.0% | +3.8% |
| 2023 | +16.1% | -30.0% |
| 2024 | +7.1% | +1.0% |
| 2025 | +8.6% | -28.0% |
| 2026 | +0.1% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMY and PED good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between FMY and PED?
The FMY/PED correlation stands at -0.22 on a 3-year window (1 year: -0.27, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is PED a good diversifier for FMY?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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
$ curl https://www.pairbook.io/api/v1/pairs/fmy-vs-ped.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fmy-vs-ped/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FMY correlations · PED correlations
