FNGD vs GDL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GDL Fund, The (GDL) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GDL?
Across a 3-year window, the weekly returns of FNGD and GDL correlate at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -148.7 %².
Among the 1743 assets we track against FNGD, GDL ranks #1032 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDL outperformed by 60.1 percentage points (-55.7% for FNGD against +4.4% for GDL). Note the risk asymmetry: FNGD runs 12.6 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 GDL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GDL (GDL Fund, The) | |
|---|---|---|
| 1-year return | -55.7% | +4.4% |
| 5-year return | -99.4% | +23.0% |
| Volatility (ann.) | 75.7% | 6.0% |
| Beta vs S&P 500 | -4.54 | 0.20 |
| Max drawdown (3Y) | -97.6% | -6.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 12.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GDL |
|---|---|---|
| 2022 | +52.2% | -6.9% |
| 2023 | -90.1% | +9.0% |
| 2024 | -76.6% | +5.9% |
| 2025 | -61.4% | +11.8% |
| 2026 | -49.5% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GDL good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GDL?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.30 over the last year and -0.36 over 5 years.
Is GDL a good diversifier for FNGD?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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-gdl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gdl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GDL correlations
