FNGD vs JFR: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen Floating Rate Income Fund (JFR) 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 JFR?
Across a 3-year window, the weekly returns of FNGD and JFR correlate at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.39 over 3. Stretching to 5 years gives -0.36, with an annualized covariance of -290.2 %².
By 3-year correlation, JFR places #1315 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with JFR ahead by 58.0 points (-55.7% versus +2.3%). Risk is not evenly split, since FNGD carries 7.8 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 JFR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JFR (Nuveen Floating Rate Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +2.3% |
| 5-year return | -99.4% | +31.7% |
| Volatility (ann.) | 75.7% | 9.7% |
| Beta vs S&P 500 | -4.54 | 0.35 |
| Max drawdown (3Y) | -97.6% | -15.3% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 22.4 |
| Dividend yield | 0.00% | 13.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JFR |
|---|---|---|
| 2022 | +52.2% | -15.1% |
| 2023 | -90.1% | +16.7% |
| 2024 | -76.6% | +21.9% |
| 2025 | -61.4% | -0.7% |
| 2026 | -49.5% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JFR good diversifiers for each other?
Yes. With a correlation of -0.39, FNGD and JFR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and JFR?
As of 2026-08-27, the correlation of weekly returns between FNGD and JFR is -0.39 over 3 years, -0.41 over 1 year and -0.36 over 5 years.
Is JFR a good diversifier for FNGD?
Yes. With a correlation of -0.39, FNGD and JFR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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-jfr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-jfr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · JFR correlations
