FNGD vs JOF: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Japan Smaller Capitalization Fund Inc (JOF) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JOF?
Over the past 3 years, FNGD and JOF moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -595.3 %².
Within FNGD's tracked universe of 1743 assets, JOF comes in at #1418 by 3-year correlation. Correlation aside, the last 12 months split them widely, with JOF ahead by 88.7 points (-55.7% versus +33.0%). Risk is not evenly split, since FNGD carries 4.1 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 JOF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JOF (Japan Smaller Capitalization Fund Inc) | |
|---|---|---|
| 1-year return | -55.7% | +33.0% |
| 5-year return | -99.4% | +81.0% |
| Volatility (ann.) | 75.7% | 18.6% |
| Beta vs S&P 500 | -4.54 | 0.74 |
| Max drawdown (3Y) | -97.6% | -17.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 2.5 |
| Dividend yield | 0.00% | 5.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JOF |
|---|---|---|
| 2022 | +52.2% | -17.1% |
| 2023 | -90.1% | +21.4% |
| 2024 | -76.6% | +5.3% |
| 2025 | -61.4% | +52.1% |
| 2026 | -49.5% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JOF good diversifiers for each other?
Yes. With a correlation of -0.42, FNGD and JOF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and JOF?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.39 over the last year and -0.46 over 5 years.
Is JOF a good diversifier for FNGD?
Yes. With a correlation of -0.42, FNGD and JOF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 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-jof.json
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[](https://www.pairbook.io/pair/fngd-vs-jof/)
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Related comparisons
Hubs: FNGD correlations · JOF correlations
