FNGD vs FRA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Blackrock Floating Rate Income Strategies Fund Inc (FRA) show a negative relationship: their 3-year correlation of weekly returns is -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FRA?
On 3 years of weekly data the FNGD/FRA correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.48 over 1 year against -0.45 over 3. The 5-year figure is -0.39, and annualized covariance runs at -393.6 %².
Among the 1743 assets we track against FNGD, FRA ranks #1499 by 3-year correlation. The last year tells two different stories: FRA led by 49.2 percentage points, -55.7% for FNGD against -6.5% for FRA. Note the risk asymmetry: FNGD runs 6.5 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.
FNGD vs FRA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FRA (Blackrock Floating Rate Income Strategies Fund Inc) | |
|---|---|---|
| 1-year return | -55.7% | -6.5% |
| 5-year return | -99.4% | +37.4% |
| Volatility (ann.) | 75.7% | 11.6% |
| Beta vs S&P 500 | -4.54 | 0.44 |
| Max drawdown (3Y) | -97.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 15.6 |
| Dividend yield | 0.00% | 13.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FRA |
|---|---|---|
| 2022 | +52.2% | -10.6% |
| 2023 | -90.1% | +25.5% |
| 2024 | -76.6% | +21.6% |
| 2025 | -61.4% | -3.7% |
| 2026 | -49.5% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FRA good diversifiers for each other?
Yes. With a correlation of -0.45, FNGD and FRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and FRA?
As of 2026-08-27, the correlation of weekly returns between FNGD and FRA is -0.45 over 3 years, -0.48 over 1 year and -0.39 over 5 years.
Is FRA a good diversifier for FNGD?
Yes. With a correlation of -0.45, FNGD and FRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/fngd-vs-fra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-fra/)
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Related comparisons
Hubs: FNGD correlations · FRA correlations
