FNGD vs FTF: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Franklin Limited Duration Income Trust (FTF) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FTF?
Across a 3-year window, the weekly returns of FNGD and FTF correlate at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.35 over 3 years. Stretching to 5 years gives -0.43, with an annualized covariance of -242.3 %².
Within FNGD's tracked universe of 1743 assets, FTF comes in at #1132 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FTF outperformed by 57.2 percentage points (-55.7% for FNGD against +1.5% for FTF). Note the risk asymmetry: FNGD runs 8.2 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 FTF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FTF (Franklin Limited Duration Income Trust) | |
|---|---|---|
| 1-year return | -55.7% | +1.5% |
| 5-year return | -99.4% | +10.3% |
| Volatility (ann.) | 75.7% | 9.2% |
| Beta vs S&P 500 | -4.54 | 0.34 |
| Max drawdown (3Y) | -97.6% | -11.6% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 13.7 |
| Dividend yield | 0.00% | 12.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FTF |
|---|---|---|
| 2022 | +52.2% | -23.5% |
| 2023 | -90.1% | +12.2% |
| 2024 | -76.6% | +19.6% |
| 2025 | -61.4% | +4.3% |
| 2026 | -49.5% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FTF good diversifiers for each other?
Yes. With a correlation of -0.35, FNGD and FTF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and FTF?
As of 2026-08-27, the correlation of weekly returns between FNGD and FTF is -0.35 over 3 years, -0.45 over 1 year and -0.43 over 5 years.
Is FTF a good diversifier for FNGD?
Yes. With a correlation of -0.35, FNGD and FTF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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-ftf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ftf/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · FTF correlations
