FNGD vs GCMG: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GCM Grosvenor Inc. (GCMG) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GCMG?
Over the past 3 years, FNGD and GCMG moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -638.7 %².
By 3-year correlation, GCMG places #833 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months GCMG outperformed by 64.9 percentage points (-55.7% for FNGD against +9.2% for GCMG). One caveat on sizing: FNGD is 2.7 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 GCMG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GCMG (GCM Grosvenor Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +9.2% |
| 5-year return | -99.4% | +52.8% |
| Volatility (ann.) | 75.7% | 28.2% |
| Beta vs S&P 500 | -4.54 | 0.76 |
| Max drawdown (3Y) | -97.6% | -31.3% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | 25.8 |
| Dividend yield | 0.00% | 3.54% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GCMG |
|---|---|---|
| 2022 | +52.2% | -24.0% |
| 2023 | -90.1% | +24.6% |
| 2024 | -76.6% | +43.0% |
| 2025 | -61.4% | -4.3% |
| 2026 | -49.5% | +23.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GCMG good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GCMG?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.34 over the last year and -0.35 over 5 years.
Is GCMG a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-gcmg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-gcmg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GCMG correlations
