FNGD vs GAIN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gl (GAIN) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GAIN?
On 3 years of weekly data the FNGD/GAIN correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. The 5-year figure is -0.39, and annualized covariance runs at -449.2 %².
By 3-year correlation, GAIN places #770 of the 1743 assets tracked against FNGD. The last year tells two different stories: GAIN led by 80.6 percentage points, -55.7% for FNGD against +24.9% for GAIN. Note the risk asymmetry: FNGD runs 3.8 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 GAIN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GAIN (Gl) | |
|---|---|---|
| 1-year return | -55.7% | +24.9% |
| 5-year return | -99.4% | +92.6% |
| Volatility (ann.) | 75.7% | 20.1% |
| Beta vs S&P 500 | -4.54 | 0.61 |
| Max drawdown (3Y) | -97.6% | -14.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 3.8 |
| Dividend yield | 0.00% | 5.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GAIN |
|---|---|---|
| 2022 | +52.2% | -17.5% |
| 2023 | -90.1% | +31.0% |
| 2024 | -76.6% | +5.3% |
| 2025 | -61.4% | +17.1% |
| 2026 | -49.5% | +22.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GAIN good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GAIN?
As of 2026-08-27, the correlation of weekly returns between FNGD and GAIN is -0.29 over 3 years, -0.31 over 1 year and -0.39 over 5 years.
Is GAIN a good diversifier for FNGD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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-gain.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gain/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GAIN correlations
