FNGD vs IIF: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Morgan Stanley India Investment Fund, Inc. (IIF) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IIF?
Across a 3-year window, the weekly returns of FNGD and IIF correlate at -0.43, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.40 over 1 year against -0.43 over 3. Stretching to 5 years gives -0.46, with an annualized covariance of -564.3 %².
By 3-year correlation, IIF places #1451 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months IIF outperformed by 49.0 percentage points (-55.7% for FNGD against -6.7% for IIF). One caveat on sizing: FNGD is 4.4 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 IIF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IIF (Morgan Stanley India Investment Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -6.7% |
| 5-year return | -99.4% | +44.4% |
| Volatility (ann.) | 75.7% | 17.4% |
| Beta vs S&P 500 | -4.54 | 0.61 |
| Max drawdown (3Y) | -97.6% | -24.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 8.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IIF |
|---|---|---|
| 2022 | +52.2% | -9.6% |
| 2023 | -90.1% | +21.4% |
| 2024 | -76.6% | +29.6% |
| 2025 | -61.4% | +6.7% |
| 2026 | -49.5% | -7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IIF good diversifiers for each other?
Yes. With a correlation of -0.43, FNGD and IIF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IIF?
The FNGD/IIF correlation stands at -0.43 on a 3-year window (1 year: -0.40, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is IIF a good diversifier for FNGD?
Yes. With a correlation of -0.43, FNGD and IIF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-iif.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-iif/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · IIF correlations
