FNGD vs IAE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Voya Asia Pacific High Dividend Equity Income Fund ING Asia (IAE) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IAE?
On 3 years of weekly data the FNGD/IAE correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. The 5-year figure is -0.48, and annualized covariance runs at -560.1 %².
By 3-year correlation, IAE places #1501 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months IAE outperformed by 93.5 percentage points (-55.7% for FNGD against +37.8% for IAE). Risk is not evenly split, since FNGD carries 4.6 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 IAE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IAE (Voya Asia Pacific High Dividend Equity Income Fund ING Asia) | |
|---|---|---|
| 1-year return | -55.7% | +37.8% |
| 5-year return | -99.4% | +84.4% |
| Volatility (ann.) | 75.7% | 16.5% |
| Beta vs S&P 500 | -4.54 | 0.72 |
| Max drawdown (3Y) | -97.6% | -16.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 3.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IAE |
|---|---|---|
| 2022 | +52.2% | -14.0% |
| 2023 | -90.1% | +9.1% |
| 2024 | -76.6% | +13.4% |
| 2025 | -61.4% | +34.6% |
| 2026 | -49.5% | +29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IAE good diversifiers for each other?
Yes. With a correlation of -0.45, FNGD and IAE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IAE?
As of 2026-08-27, the correlation of weekly returns between FNGD and IAE is -0.45 over 3 years, -0.38 over 1 year and -0.48 over 5 years.
Is IAE a good diversifier for FNGD?
Yes. With a correlation of -0.45, FNGD and IAE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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-iae.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-iae/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · IAE correlations
