FNGD vs ISD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PGIM High Yield Bond Fund, Inc. (ISD) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ISD?
Across a 3-year window, the weekly returns of FNGD and ISD correlate at -0.39, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.46 lands near the 3-year figure. Stretching to 5 years gives -0.43, with an annualized covariance of -371.6 %².
Within FNGD's tracked universe of 1743 assets, ISD comes in at #1314 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ISD outperformed by 48.7 percentage points (-55.7% for FNGD against -7.0% for ISD). Risk is not evenly split, since FNGD carries 6.0 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 ISD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ISD (PGIM High Yield Bond Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -7.0% |
| 5-year return | -99.4% | +21.1% |
| Volatility (ann.) | 75.7% | 12.7% |
| Beta vs S&P 500 | -4.54 | 0.50 |
| Max drawdown (3Y) | -97.6% | -13.9% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | 10.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ISD |
|---|---|---|
| 2022 | +52.2% | -18.4% |
| 2023 | -90.1% | +15.1% |
| 2024 | -76.6% | +22.1% |
| 2025 | -61.4% | +15.6% |
| 2026 | -49.5% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ISD good diversifiers for each other?
Yes. With a correlation of -0.39, FNGD and ISD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and ISD?
The FNGD/ISD correlation stands at -0.39 on a 3-year window (1 year: -0.46, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is ISD a good diversifier for FNGD?
Yes. With a correlation of -0.39, FNGD and ISD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 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-isd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-isd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ISD correlations
