FNGD vs GDV: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gabelli Dividend & Income Trust (GDV) carry a correlation of -0.61, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GDV?
Over the past 3 years, FNGD and GDV moved with a correlation of -0.61, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.49 versus -0.61 over 3 years. Over 5 years the correlation is -0.64, and the annualized covariance of weekly returns is -699.1 %².
By 3-year correlation, GDV places #1676 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months GDV outperformed by 76.0 percentage points (-55.7% for FNGD against +20.3% for GDV). Note the risk asymmetry: FNGD runs 5.0 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 GDV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GDV (Gabelli Dividend & Income Trust) | |
|---|---|---|
| 1-year return | -55.7% | +20.3% |
| 5-year return | -99.4% | +53.8% |
| Volatility (ann.) | 75.7% | 15.0% |
| Beta vs S&P 500 | -4.54 | 0.90 |
| Max drawdown (3Y) | -97.6% | -16.1% |
| Market cap | – | $2.7B |
| P/E (trailing) | 20.6 | 6.3 |
| Dividend yield | 0.00% | 5.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GDV |
|---|---|---|
| 2022 | +52.2% | -18.6% |
| 2023 | -90.1% | +11.9% |
| 2024 | -76.6% | +18.1% |
| 2025 | -61.4% | +22.8% |
| 2026 | -49.5% | +13.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GDV good diversifiers for each other?
Yes: at -0.61, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GDV?
As of 2026-08-27, the correlation of weekly returns between FNGD and GDV is -0.61 over 3 years, -0.49 over 1 year and -0.64 over 5 years.
Is GDV a good diversifier for FNGD?
Yes: at -0.61, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.61 mean?
On the −1 to +1 scale, -0.61 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-gdv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gdv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GDV correlations
