FNGD vs NBXG: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Neuberger Next Generation Connectivity Fund Inc. (NBXG) show a negative relationship: their 3-year correlation of weekly returns is -0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NBXG?
Across a 3-year window, the weekly returns of FNGD and NBXG correlate at -0.81, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.76 over 1 year against -0.81 over 3. Stretching to 5 years gives -0.78, with an annualized covariance of -1367.0 %².
Among the 1743 assets we track against FNGD, NBXG ranks #1730 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NBXG outperformed by 69.5 percentage points (-55.7% for FNGD against +13.8% for NBXG). Risk is not evenly split, since FNGD carries 3.4 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 NBXG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NBXG (Neuberger Next Generation Connectivity Fund Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +13.8% |
| 5-year return | -99.4% | +25.6% |
| Volatility (ann.) | 75.7% | 22.4% |
| Beta vs S&P 500 | -4.54 | 1.28 |
| Max drawdown (3Y) | -97.6% | -22.1% |
| Market cap | – | $1.2B |
| P/E (trailing) | 20.6 | 3.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NBXG |
|---|---|---|
| 2022 | +52.2% | -41.4% |
| 2023 | -90.1% | +34.9% |
| 2024 | -76.6% | +28.5% |
| 2025 | -61.4% | +24.2% |
| 2026 | -49.5% | +13.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NBXG good diversifiers for each other?
Yes: at -0.81, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NBXG?
Using weekly returns as of 2026-08-27: -0.81 over 3 years, with -0.76 over the last year and -0.78 over 5 years.
Is NBXG a good diversifier for FNGD?
Yes: at -0.81, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.81 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.
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Related comparisons
Hubs: FNGD correlations · NBXG correlations
