FNGD vs NRO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Neuberger Real Estate Securities Income Fund Inc. (NRO) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NRO?
Across a 3-year window, the weekly returns of FNGD and NRO correlate at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -443.2 %².
By 3-year correlation, NRO places #907 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with NRO ahead by 58.2 points (-55.7% versus +2.5%). One caveat on sizing: FNGD is 4.0 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 NRO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NRO (Neuberger Real Estate Securities Income Fund Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +2.5% |
| 5-year return | -99.4% | +2.7% |
| Volatility (ann.) | 75.7% | 18.9% |
| Beta vs S&P 500 | -4.54 | 0.70 |
| Max drawdown (3Y) | -97.6% | -24.8% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | 8.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NRO |
|---|---|---|
| 2022 | +52.2% | -35.1% |
| 2023 | -90.1% | +15.1% |
| 2024 | -76.6% | +23.8% |
| 2025 | -61.4% | +0.8% |
| 2026 | -49.5% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NRO good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NRO?
As of 2026-08-27, the correlation of weekly returns between FNGD and NRO is -0.31 over 3 years, -0.30 over 1 year and -0.41 over 5 years.
Is NRO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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-nro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-nro/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NRO correlations
