FNGD vs NCV: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Virtus Convertible & Income Fund (NCV) trade together? Their weekly returns over three years give a correlation of -0.55, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NCV?
Over the past 3 years, FNGD and NCV moved with a correlation of -0.55, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.54 lands near the 3-year figure. Over 5 years the correlation is -0.60, and the annualized covariance of weekly returns is -757.2 %².
Within FNGD's tracked universe of 1743 assets, NCV comes in at #1646 by 3-year correlation. The last year tells two different stories: NCV led by 81.7 percentage points, -55.7% for FNGD against +26.0% for NCV. One caveat on sizing: FNGD is 4.1 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 NCV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NCV (Virtus Convertible & Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +26.0% |
| 5-year return | -99.4% | +22.6% |
| Volatility (ann.) | 75.7% | 18.3% |
| Beta vs S&P 500 | -4.54 | 0.88 |
| Max drawdown (3Y) | -97.6% | -17.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 4.5 |
| Dividend yield | 0.00% | 9.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NCV |
|---|---|---|
| 2022 | +52.2% | -33.9% |
| 2023 | -90.1% | +12.7% |
| 2024 | -76.6% | +16.2% |
| 2025 | -61.4% | +22.6% |
| 2026 | -49.5% | +18.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NCV good diversifiers for each other?
By historical standards, yes. A correlation of -0.55 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NCV?
As of 2026-08-27, the correlation of weekly returns between FNGD and NCV is -0.55 over 3 years, -0.54 over 1 year and -0.60 over 5 years.
Is NCV a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.55 means the two rarely move for the same reasons.
What does a correlation of -0.55 mean?
On the −1 to +1 scale, -0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ncv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ncv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NCV correlations
