FNGD vs JLS: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen Mortgage and Income Fund (JLS) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JLS?
Across a 3-year window, the weekly returns of FNGD and JLS correlate at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -237.9 %².
Among the 1743 assets we track against FNGD, JLS ranks #896 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months JLS outperformed by 55.3 percentage points (-55.7% for FNGD against -0.4% for JLS). One caveat on sizing: FNGD is 7.5 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 JLS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JLS (Nuveen Mortgage and Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | -0.4% |
| 5-year return | -99.4% | +25.5% |
| Volatility (ann.) | 75.7% | 10.1% |
| Beta vs S&P 500 | -4.54 | 0.31 |
| Max drawdown (3Y) | -97.6% | -9.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 9.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JLS |
|---|---|---|
| 2022 | +52.2% | -17.9% |
| 2023 | -90.1% | +14.9% |
| 2024 | -76.6% | +17.9% |
| 2025 | -61.4% | +11.6% |
| 2026 | -49.5% | -0.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JLS good diversifiers for each other?
Yes. With a correlation of -0.31, FNGD and JLS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and JLS?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.28 over the last year and -0.33 over 5 years.
Is JLS a good diversifier for FNGD?
Yes. With a correlation of -0.31, FNGD and JLS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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-jls.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-jls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · JLS correlations
