FNGD vs JRI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen Real Asset Income and Growth Fund (JRI) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JRI?
Across a 3-year window, the weekly returns of FNGD and JRI correlate at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -412.8 %².
Among the 1743 assets we track against FNGD, JRI ranks #966 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months JRI outperformed by 61.0 percentage points (-55.7% for FNGD against +5.3% for JRI). Risk is not evenly split, since FNGD carries 4.5 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 JRI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JRI (Nuveen Real Asset Income and Growth Fund) | |
|---|---|---|
| 1-year return | -55.7% | +5.3% |
| 5-year return | -99.4% | +31.7% |
| Volatility (ann.) | 75.7% | 17.0% |
| Beta vs S&P 500 | -4.54 | 0.64 |
| Max drawdown (3Y) | -97.6% | -13.7% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 7.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JRI |
|---|---|---|
| 2022 | +52.2% | -20.8% |
| 2023 | -90.1% | +10.1% |
| 2024 | -76.6% | +16.3% |
| 2025 | -61.4% | +26.8% |
| 2026 | -49.5% | -0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JRI good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and JRI?
As of 2026-08-27, the correlation of weekly returns between FNGD and JRI is -0.32 over 3 years, -0.30 over 1 year and -0.41 over 5 years.
Is JRI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
A reading of -0.32 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-jri.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-jri/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · JRI correlations
