FNGD vs GAB: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gabelli Equity Trust, Inc. (The) (GAB) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GAB?
Across a 3-year window, the weekly returns of FNGD and GAB correlate at -0.40, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.40). Stretching to 5 years gives -0.45, with an annualized covariance of -485.4 %².
By 3-year correlation, GAB places #1353 of the 1743 assets tracked against FNGD. The last year tells two different stories: GAB led by 61.5 percentage points, -55.7% for FNGD against +5.8% for GAB. Risk is not evenly split, since FNGD carries 4.7 times the volatility of the other side.
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 GAB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GAB (Gabelli Equity Trust, Inc. (The)) | |
|---|---|---|
| 1-year return | -55.7% | +5.8% |
| 5-year return | -99.4% | +40.3% |
| Volatility (ann.) | 75.7% | 16.2% |
| Beta vs S&P 500 | -4.54 | 0.72 |
| Max drawdown (3Y) | -97.6% | -14.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 5.8 |
| Dividend yield | 0.00% | 10.54% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GAB |
|---|---|---|
| 2022 | +52.2% | -16.3% |
| 2023 | -90.1% | +3.4% |
| 2024 | -76.6% | +18.0% |
| 2025 | -61.4% | +27.0% |
| 2026 | -49.5% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GAB good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GAB?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.19 over the last year and -0.45 over 5 years.
Is GAB a good diversifier for FNGD?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 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.
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Related comparisons
Hubs: FNGD correlations · GAB correlations
