FNGD vs FUND: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sprott Focus Trust, Inc. - Closed End Fund (FUND) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FUND?
On 3 years of weekly data the FNGD/FUND correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. The 5-year figure is -0.44, and annualized covariance runs at -463.1 %².
Within FNGD's tracked universe of 1743 assets, FUND comes in at #1080 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FUND outperformed by 94.8 percentage points (-55.7% for FNGD against +39.1% for FUND). One caveat on sizing: FNGD is 4.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 FUND: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FUND (Sprott Focus Trust, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -55.7% | +39.1% |
| 5-year return | -99.4% | +83.0% |
| Volatility (ann.) | 75.7% | 17.9% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -18.2% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 5.8 |
| Dividend yield | 0.00% | 5.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FUND |
|---|---|---|
| 2022 | +52.2% | -1.2% |
| 2023 | -90.1% | +6.9% |
| 2024 | -76.6% | -1.0% |
| 2025 | -61.4% | +27.5% |
| 2026 | -49.5% | +26.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FUND good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and FUND?
The FNGD/FUND correlation stands at -0.34 on a 3-year window (1 year: -0.25, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is FUND a good diversifier for FNGD?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-fund.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-fund/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · FUND correlations
