FNGD vs GSBD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Goldman Sachs BDC, Inc. (GSBD) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GSBD?
Over the past 3 years, FNGD and GSBD moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -472.5 %².
By 3-year correlation, GSBD places #834 of the 1743 assets tracked against FNGD. The last year tells two different stories: GSBD led by 60.0 percentage points, -55.7% for FNGD against +4.3% for GSBD. Risk is not evenly split, since FNGD carries 3.6 times the volatility of the other side.
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 GSBD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GSBD (Goldman Sachs BDC, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +4.3% |
| 5-year return | -99.4% | +1.8% |
| Volatility (ann.) | 75.7% | 20.9% |
| Beta vs S&P 500 | -4.54 | 0.62 |
| Max drawdown (3Y) | -97.6% | -29.6% |
| Market cap | – | $1.1B |
| P/E (trailing) | 20.6 | 19.1 |
| Dividend yield | 0.00% | 12.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GSBD |
|---|---|---|
| 2022 | +52.2% | -20.1% |
| 2023 | -90.1% | +21.0% |
| 2024 | -76.6% | -6.2% |
| 2025 | -61.4% | -8.8% |
| 2026 | -49.5% | +17.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GSBD good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GSBD?
The FNGD/GSBD correlation stands at -0.30 on a 3-year window (1 year: -0.36, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is GSBD a good diversifier for FNGD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-gsbd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gsbd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GSBD correlations
