FNGD vs NFJ: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Virtus Dividend, Interest & Premium Strategy Fund (NFJ) show a negative relationship: their 3-year correlation of weekly returns is -0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NFJ?
Over the past 3 years, FNGD and NFJ moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.51 over 1 year against -0.51 over 3. Over 5 years the correlation is -0.66, and the annualized covariance of weekly returns is -536.5 %².
Within FNGD's tracked universe of 1743 assets, NFJ comes in at #1605 by 3-year correlation. The last year tells two different stories: NFJ led by 86.7 percentage points, -55.7% for FNGD against +31.0% for NFJ. One caveat on sizing: FNGD is 5.5 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 NFJ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NFJ (Virtus Dividend, Interest & Premium Strategy Fund) | |
|---|---|---|
| 1-year return | -55.7% | +31.0% |
| 5-year return | -99.4% | +50.8% |
| Volatility (ann.) | 75.7% | 13.8% |
| Beta vs S&P 500 | -4.54 | 0.73 |
| Max drawdown (3Y) | -97.6% | -17.0% |
| Market cap | – | $1.5B |
| P/E (trailing) | 20.6 | 9.8 |
| Dividend yield | 0.00% | 7.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NFJ |
|---|---|---|
| 2022 | +52.2% | -23.9% |
| 2023 | -90.1% | +21.3% |
| 2024 | -76.6% | +10.0% |
| 2025 | -61.4% | +12.4% |
| 2026 | -49.5% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NFJ good diversifiers for each other?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NFJ?
As of 2026-08-27, the correlation of weekly returns between FNGD and NFJ is -0.51 over 3 years, -0.51 over 1 year and -0.66 over 5 years.
Is NFJ a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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-nfj.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nfj/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NFJ correlations
