FNGD vs GAM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and General American Investors, Inc. (GAM) trade together? Their weekly returns over three years give a correlation of -0.69, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GAM?
Across a 3-year window, the weekly returns of FNGD and GAM correlate at -0.69, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.66 over 1 year against -0.69 over 3. Stretching to 5 years gives -0.73, with an annualized covariance of -712.3 %².
Within FNGD's tracked universe of 1743 assets, GAM comes in at #1698 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GAM ahead by 81.8 points (-55.7% versus +26.1%). Note the risk asymmetry: FNGD runs 5.6 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 GAM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GAM (General American Investors, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +26.1% |
| 5-year return | -99.4% | +118.0% |
| Volatility (ann.) | 75.7% | 13.6% |
| Beta vs S&P 500 | -4.54 | 0.81 |
| Max drawdown (3Y) | -97.6% | -14.9% |
| Market cap | – | $1.6B |
| P/E (trailing) | 20.6 | 4.2 |
| Dividend yield | 0.00% | 9.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GAM |
|---|---|---|
| 2022 | +52.2% | -14.8% |
| 2023 | -90.1% | +26.8% |
| 2024 | -76.6% | +29.5% |
| 2025 | -61.4% | +28.6% |
| 2026 | -49.5% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GAM good diversifiers for each other?
By historical standards, yes. A correlation of -0.69 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GAM?
As of 2026-08-27, the correlation of weekly returns between FNGD and GAM is -0.69 over 3 years, -0.66 over 1 year and -0.73 over 5 years.
Is GAM a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.69 means the two rarely move for the same reasons.
What does a correlation of -0.69 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
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Related comparisons
Hubs: FNGD correlations · GAM correlations
