FNGD vs NPCT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen Core Plus Impact Fund (NPCT) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NPCT?
Over the past 3 years, FNGD and NPCT moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.47 versus -0.32 over 3 years. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -285.9 %².
By 3-year correlation, NPCT places #975 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months NPCT outperformed by 55.4 percentage points (-55.7% for FNGD against -0.3% for NPCT). Note the risk asymmetry: FNGD runs 6.5 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 NPCT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NPCT (Nuveen Core Plus Impact Fund) | |
|---|---|---|
| 1-year return | -55.7% | -0.3% |
| 5-year return | -99.4% | -14.4% |
| Volatility (ann.) | 75.7% | 11.7% |
| Beta vs S&P 500 | -4.54 | 0.38 |
| Max drawdown (3Y) | -97.6% | -10.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 10.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NPCT |
|---|---|---|
| 2022 | +52.2% | -37.5% |
| 2023 | -90.1% | +7.8% |
| 2024 | -76.6% | +17.3% |
| 2025 | -61.4% | +9.9% |
| 2026 | -49.5% | +2.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NPCT good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NPCT?
The FNGD/NPCT correlation stands at -0.32 on a 3-year window (1 year: -0.47, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is NPCT a good diversifier for FNGD?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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-npct.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-npct/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NPCT correlations
