FNGD vs NMAI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen Multi-Asset Income Fund (NMAI) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NMAI?
Across a 3-year window, the weekly returns of FNGD and NMAI correlate at -0.53, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.58 lands near the 3-year figure. Stretching to 5 years gives -0.53, with an annualized covariance of -575.2 %².
By 3-year correlation, NMAI places #1625 of the 1743 assets tracked against FNGD. The last year tells two different stories: NMAI led by 81.2 percentage points, -55.7% for FNGD against +25.5% for NMAI. Risk is not evenly split, since FNGD carries 5.3 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 NMAI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NMAI (Nuveen Multi-Asset Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +25.5% |
| 5-year return | -99.4% | +36.4% |
| Volatility (ann.) | 75.7% | 14.2% |
| Beta vs S&P 500 | -4.54 | 0.68 |
| Max drawdown (3Y) | -97.6% | -13.0% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | 5.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NMAI |
|---|---|---|
| 2022 | +52.2% | -26.4% |
| 2023 | -90.1% | +19.5% |
| 2024 | -76.6% | +11.7% |
| 2025 | -61.4% | +20.0% |
| 2026 | -49.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NMAI good diversifiers for each other?
Yes. With a correlation of -0.53, FNGD and NMAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NMAI?
Using weekly returns as of 2026-08-27: -0.53 over 3 years, with -0.58 over the last year and -0.53 over 5 years.
Is NMAI a good diversifier for FNGD?
Yes. With a correlation of -0.53, FNGD and NMAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.53 mean?
A reading of -0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nmai.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nmai/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NMAI correlations
