FNGD vs GF: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and New Germany Fund, Inc. (The) (GF) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GF?
On 3 years of weekly data the FNGD/GF correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.38 over 3 years. The 5-year figure is -0.48, and annualized covariance runs at -599.2 %².
By 3-year correlation, GF places #1268 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months GF outperformed by 58.5 percentage points (-55.7% for FNGD against +2.8% for GF). One caveat on sizing: FNGD is 3.6 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 GF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GF (New Germany Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | -55.7% | +2.8% |
| 5-year return | -99.4% | -16.5% |
| Volatility (ann.) | 75.7% | 20.9% |
| Beta vs S&P 500 | -4.54 | 0.76 |
| Max drawdown (3Y) | -97.6% | -18.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 3.4 |
| Dividend yield | 0.00% | 1.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GF |
|---|---|---|
| 2022 | +52.2% | -42.2% |
| 2023 | -90.1% | +11.7% |
| 2024 | -76.6% | -10.0% |
| 2025 | -61.4% | +48.3% |
| 2026 | -49.5% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GF good diversifiers for each other?
Yes. With a correlation of -0.38, FNGD and GF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GF?
The FNGD/GF correlation stands at -0.38 on a 3-year window (1 year: -0.51, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is GF a good diversifier for FNGD?
Yes. With a correlation of -0.38, FNGD and GF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-gf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-gf/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · GF correlations
