FNGD vs NIE: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Virtus Equity & Convertible Income Fund (NIE) show a negative relationship: their 3-year correlation of weekly returns is -0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NIE?
Across a 3-year window, the weekly returns of FNGD and NIE correlate at -0.76, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.66 lands near the 3-year figure. Stretching to 5 years gives -0.78, with an annualized covariance of -861.1 %².
By 3-year correlation, NIE places #1717 of the 1743 assets tracked against FNGD. The last year tells two different stories: NIE led by 72.5 percentage points, -55.7% for FNGD against +16.8% for NIE. Note the risk asymmetry: FNGD runs 5.1 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 NIE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NIE (Virtus Equity & Convertible Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +16.8% |
| 5-year return | -99.4% | +55.1% |
| Volatility (ann.) | 75.7% | 14.9% |
| Beta vs S&P 500 | -4.54 | 0.92 |
| Max drawdown (3Y) | -97.6% | -20.8% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | 6.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NIE |
|---|---|---|
| 2022 | +52.2% | -26.7% |
| 2023 | -90.1% | +26.7% |
| 2024 | -76.6% | +28.6% |
| 2025 | -61.4% | +12.2% |
| 2026 | -49.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NIE good diversifiers for each other?
Yes: at -0.76, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NIE?
As of 2026-08-27, the correlation of weekly returns between FNGD and NIE is -0.76 over 3 years, -0.66 over 1 year and -0.78 over 5 years.
Is NIE a good diversifier for FNGD?
Yes: at -0.76, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.76 mean?
On the −1 to +1 scale, -0.76 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-nie.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-nie/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NIE correlations
