FNGD vs NMFC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and New Mountain Finance Corporation (NMFC) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NMFC?
Over the past 3 years, FNGD and NMFC moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.29). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -426.8 %².
By 3-year correlation, NMFC places #789 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with NMFC ahead by 39.6 points (-55.7% versus -16.1%). Note the risk asymmetry: FNGD runs 3.8 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 NMFC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NMFC (New Mountain Finance Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -16.1% |
| 5-year return | -99.4% | +1.4% |
| Volatility (ann.) | 75.7% | 19.7% |
| Beta vs S&P 500 | -4.54 | 0.53 |
| Max drawdown (3Y) | -97.6% | -30.6% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 15.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NMFC |
|---|---|---|
| 2022 | +52.2% | -0.6% |
| 2023 | -90.1% | +15.8% |
| 2024 | -76.6% | -0.9% |
| 2025 | -61.4% | -7.2% |
| 2026 | -49.5% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NMFC good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NMFC?
As of 2026-08-27, the correlation of weekly returns between FNGD and NMFC is -0.29 over 3 years, -0.43 over 1 year and -0.33 over 5 years.
Is NMFC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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-nmfc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nmfc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NMFC correlations
