FNGD vs LGI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lazard Global Total Return and Income Fund (LGI) trade together? Their weekly returns over three years give a correlation of -0.60, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LGI?
Over the past 3 years, FNGD and LGI moved with a correlation of -0.60, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.52) sits close to the 3-year figure. Over 5 years the correlation is -0.65, and the annualized covariance of weekly returns is -830.6 %².
By 3-year correlation, LGI places #1671 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with LGI ahead by 71.0 points (-55.7% versus +15.3%). Risk is not evenly split, since FNGD carries 4.2 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 LGI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LGI (Lazard Global Total Return and Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +15.3% |
| 5-year return | -99.4% | +38.1% |
| Volatility (ann.) | 75.7% | 18.2% |
| Beta vs S&P 500 | -4.54 | 0.97 |
| Max drawdown (3Y) | -97.6% | -22.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 7.2 |
| Dividend yield | 0.00% | 9.55% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LGI |
|---|---|---|
| 2022 | +52.2% | -20.6% |
| 2023 | -90.1% | +12.8% |
| 2024 | -76.6% | +14.4% |
| 2025 | -61.4% | +21.3% |
| 2026 | -49.5% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LGI good diversifiers for each other?
Yes. With a correlation of -0.60, FNGD and LGI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and LGI?
The FNGD/LGI correlation stands at -0.60 on a 3-year window (1 year: -0.52, 5 years: -0.65), computed from weekly returns as of 2026-08-27.
Is LGI a good diversifier for FNGD?
Yes. With a correlation of -0.60, FNGD and LGI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.60 mean?
A reading of -0.60 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-lgi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-lgi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · LGI correlations
