FNGD vs IAF: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and abrdn Australia Equity Fund, Inc. (IAF) show a negative relationship: their 3-year correlation of weekly returns is -0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IAF?
On 3 years of weekly data the FNGD/IAF correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.48 over 1 year against -0.50 over 3. The 5-year figure is -0.54, and annualized covariance runs at -704.0 %².
By 3-year correlation, IAF places #1585 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with IAF ahead by 64.7 points (-55.7% versus +9.0%). Risk is not evenly split, since FNGD carries 4.1 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 IAF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IAF (abrdn Australia Equity Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +9.0% |
| 5-year return | -99.4% | +23.6% |
| Volatility (ann.) | 75.7% | 18.6% |
| Beta vs S&P 500 | -4.54 | 0.88 |
| Max drawdown (3Y) | -97.6% | -23.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 7.7 |
| Dividend yield | 0.00% | 10.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IAF |
|---|---|---|
| 2022 | +52.2% | -19.4% |
| 2023 | -90.1% | +10.4% |
| 2024 | -76.6% | +8.2% |
| 2025 | -61.4% | +14.9% |
| 2026 | -49.5% | +12.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IAF good diversifiers for each other?
Yes. With a correlation of -0.50, FNGD and IAF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IAF?
As of 2026-08-27, the correlation of weekly returns between FNGD and IAF is -0.50 over 3 years, -0.48 over 1 year and -0.54 over 5 years.
Is IAF a good diversifier for FNGD?
Yes. With a correlation of -0.50, FNGD and IAF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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.
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Related comparisons
Hubs: FNGD correlations · IAF correlations
