FNGD vs GHY: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PGIM Global High Yield Fund, Inc. (GHY) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GHY?
On 3 years of weekly data the FNGD/GHY correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. The 5-year figure is -0.43, and annualized covariance runs at -374.5 %².
By 3-year correlation, GHY places #1134 of the 1743 assets tracked against FNGD. The last year tells two different stories: GHY led by 51.8 percentage points, -55.7% for FNGD against -3.9% for GHY. One caveat on sizing: FNGD is 5.4 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 GHY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GHY (PGIM Global High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -3.9% |
| 5-year return | -99.4% | +23.8% |
| Volatility (ann.) | 75.7% | 14.0% |
| Beta vs S&P 500 | -4.54 | 0.49 |
| Max drawdown (3Y) | -97.6% | -16.4% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | 9.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GHY |
|---|---|---|
| 2022 | +52.2% | -20.0% |
| 2023 | -90.1% | +17.3% |
| 2024 | -76.6% | +20.3% |
| 2025 | -61.4% | +10.5% |
| 2026 | -49.5% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GHY good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GHY?
As of 2026-08-27, the correlation of weekly returns between FNGD and GHY is -0.35 over 3 years, -0.40 over 1 year and -0.43 over 5 years.
Is GHY a good diversifier for FNGD?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ghy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ghy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GHY correlations
