FNGD vs IHD: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Voya Emerging Markets High Income Dividend Equity Fund (IHD) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IHD?
Over the past 3 years, FNGD and IHD moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.25 versus -0.38 over 3 years. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -480.5 %².
Among the 1743 assets we track against FNGD, IHD ranks #1275 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IHD ahead by 97.9 points (-55.7% versus +42.2%). 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 IHD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IHD (Voya Emerging Markets High Income Dividend Equity Fund) | |
|---|---|---|
| 1-year return | -55.7% | +42.2% |
| 5-year return | -99.4% | +78.4% |
| Volatility (ann.) | 75.7% | 16.6% |
| Beta vs S&P 500 | -4.54 | 0.65 |
| Max drawdown (3Y) | -97.6% | -14.3% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 3.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IHD |
|---|---|---|
| 2022 | +52.2% | -17.2% |
| 2023 | -90.1% | +13.9% |
| 2024 | -76.6% | +6.7% |
| 2025 | -61.4% | +40.3% |
| 2026 | -49.5% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IHD good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and IHD?
As of 2026-08-27, the correlation of weekly returns between FNGD and IHD is -0.38 over 3 years, -0.25 over 1 year and -0.46 over 5 years.
Is IHD a good diversifier for FNGD?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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-ihd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ihd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · IHD correlations
