FNGD vs NEA: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NEA?
Across a 3-year window, the weekly returns of FNGD and NEA correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.24 over 3 years. Stretching to 5 years gives -0.38, with an annualized covariance of -194.0 %².
Among the 1743 assets we track against FNGD, NEA ranks #351 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEA outperformed by 66.1 percentage points (-55.7% for FNGD against +10.4% for NEA). Note the risk asymmetry: FNGD runs 6.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NEA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NEA (Nuveen AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +10.4% |
| 5-year return | -99.4% | -4.4% |
| Volatility (ann.) | 75.7% | 10.9% |
| Beta vs S&P 500 | -4.54 | 0.28 |
| Max drawdown (3Y) | -97.6% | -11.3% |
| Market cap | – | $3.4B |
| P/E (trailing) | 20.6 | 14.5 |
| Dividend yield | 0.00% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NEA |
|---|---|---|
| 2022 | +52.2% | -23.3% |
| 2023 | -90.1% | +0.8% |
| 2024 | -76.6% | +9.5% |
| 2025 | -61.4% | +11.3% |
| 2026 | -49.5% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NEA good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and NEA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NEA?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.50 over the last year and -0.38 over 5 years.
Is NEA a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and NEA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NEA correlations
