FNGD vs JCE: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen Core Equity Alpha Fund (JCE) trade together? Their weekly returns over three years give a correlation of -0.70, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JCE?
Across a 3-year window, the weekly returns of FNGD and JCE correlate at -0.70, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.77 over 1 year against -0.70 over 3. Stretching to 5 years gives -0.46, with an annualized covariance of -836.6 %².
By 3-year correlation, JCE places #1703 of the 1743 assets tracked against FNGD. The last year tells two different stories: JCE led by 73.8 percentage points, -55.7% for FNGD against +18.1% for JCE. Risk is not evenly split, since FNGD carries 4.8 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 JCE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JCE (Nuveen Core Equity Alpha Fund) | |
|---|---|---|
| 1-year return | -55.7% | +18.1% |
| 5-year return | -99.4% | +72.6% |
| Volatility (ann.) | 75.7% | 15.7% |
| Beta vs S&P 500 | -4.54 | 0.91 |
| Max drawdown (3Y) | -97.6% | -19.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 6.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JCE |
|---|---|---|
| 2022 | +52.2% | -14.3% |
| 2023 | -90.1% | +10.7% |
| 2024 | -76.6% | +27.9% |
| 2025 | -61.4% | +9.1% |
| 2026 | -49.5% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JCE good diversifiers for each other?
Yes. With a correlation of -0.70, FNGD and JCE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and JCE?
As of 2026-08-27, the correlation of weekly returns between FNGD and JCE is -0.70 over 3 years, -0.77 over 1 year and -0.46 over 5 years.
Is JCE a good diversifier for FNGD?
Yes. With a correlation of -0.70, FNGD and JCE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.70 mean?
A reading of -0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-jce.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-jce/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · JCE correlations
