FNGD vs GLV: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Clough Global Dividend and Income Fund (GLV) trade together? Their weekly returns over three years give a correlation of -0.52, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GLV?
Over the past 3 years, FNGD and GLV moved with a correlation of -0.52, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.37) than the 3-year average (-0.52). Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -479.7 %².
Among the 1743 assets we track against FNGD, GLV ranks #1616 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GLV outperformed by 73.9 percentage points (-55.7% for FNGD against +18.2% for GLV). One caveat on sizing: FNGD is 6.2 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 GLV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GLV (Clough Global Dividend and Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +18.2% |
| 5-year return | -99.4% | -5.5% |
| Volatility (ann.) | 75.7% | 12.3% |
| Beta vs S&P 500 | -4.54 | 0.60 |
| Max drawdown (3Y) | -97.6% | -11.5% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 3.9 |
| Dividend yield | 0.00% | 10.55% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GLV |
|---|---|---|
| 2022 | +52.2% | -31.9% |
| 2023 | -90.1% | -8.4% |
| 2024 | -76.6% | +18.0% |
| 2025 | -61.4% | +23.0% |
| 2026 | -49.5% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GLV good diversifiers for each other?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GLV?
As of 2026-08-27, the correlation of weekly returns between FNGD and GLV is -0.52 over 3 years, -0.37 over 1 year and -0.47 over 5 years.
Is GLV a good diversifier for FNGD?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.52 mean?
A reading of -0.52 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-glv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-glv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · GLV correlations
