FNGD vs NAN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen New York Quality Municipal Income Fund (NAN) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NAN?
Over the past 3 years, FNGD and NAN moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.25). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -193.8 %².
Within FNGD's tracked universe of 1743 assets, NAN comes in at #440 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NAN ahead by 63.9 points (-55.7% versus +8.2%). One caveat on sizing: FNGD is 7.3 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 NAN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NAN (Nuveen New York Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +8.2% |
| 5-year return | -99.4% | -2.8% |
| Volatility (ann.) | 75.7% | 10.3% |
| Beta vs S&P 500 | -4.54 | 0.26 |
| Max drawdown (3Y) | -97.6% | -11.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 30.5 |
| Dividend yield | 0.00% | 7.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NAN |
|---|---|---|
| 2022 | +52.2% | -24.0% |
| 2023 | -90.1% | +8.2% |
| 2024 | -76.6% | +10.2% |
| 2025 | -61.4% | +6.6% |
| 2026 | -49.5% | +2.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NAN good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and NAN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NAN?
As of 2026-08-27, the correlation of weekly returns between FNGD and NAN is -0.25 over 3 years, -0.41 over 1 year and -0.36 over 5 years.
Is NAN a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and NAN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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-nan.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nan/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · NAN correlations
