FNGD vs JGH: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen Global High Income Fund (JGH) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JGH?
Across a 3-year window, the weekly returns of FNGD and JGH correlate at -0.43, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.56) runs below the 3-year figure (-0.43). Stretching to 5 years gives -0.45, with an annualized covariance of -407.7 %².
Within FNGD's tracked universe of 1743 assets, JGH comes in at #1452 by 3-year correlation. The last year tells two different stories: JGH led by 57.0 percentage points, -55.7% for FNGD against +1.3% for JGH. One caveat on sizing: FNGD is 6.0 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 JGH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JGH (Nuveen Global High Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +1.3% |
| 5-year return | -99.4% | +26.7% |
| Volatility (ann.) | 75.7% | 12.7% |
| Beta vs S&P 500 | -4.54 | 0.51 |
| Max drawdown (3Y) | -97.6% | -13.7% |
| Market cap | – | $0.3B |
| 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 | JGH |
|---|---|---|
| 2022 | +52.2% | -21.0% |
| 2023 | -90.1% | +20.9% |
| 2024 | -76.6% | +16.0% |
| 2025 | -61.4% | +8.2% |
| 2026 | -49.5% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JGH good diversifiers for each other?
Yes. With a correlation of -0.43, FNGD and JGH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and JGH?
The FNGD/JGH correlation stands at -0.43 on a 3-year window (1 year: -0.56, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is JGH a good diversifier for FNGD?
Yes. With a correlation of -0.43, FNGD and JGH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
A reading of -0.43 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
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Related comparisons
Hubs: FNGD correlations · JGH correlations
