FNGD vs NSLR: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Neostellar Capital Corp. - Closed End Fund (NSLR) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NSLR?
Across a 3-year window, the weekly returns of FNGD and NSLR correlate at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.25 over 3. Stretching to 5 years gives -0.30, with an annualized covariance of -839.0 %².
Among the 1743 assets we track against FNGD, NSLR ranks #444 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NSLR outperformed by 77.0 percentage points (-55.7% for FNGD against +21.3% for NSLR). Note the risk asymmetry: FNGD runs 1.7 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 NSLR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NSLR (Neostellar Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -55.7% | +21.3% |
| 5-year return | -99.4% | +4.6% |
| Volatility (ann.) | 75.7% | 45.0% |
| Beta vs S&P 500 | -4.54 | 0.97 |
| Max drawdown (3Y) | -97.6% | -35.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 2.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NSLR |
|---|---|---|
| 2022 | +52.2% | -70.3% |
| 2023 | -90.1% | +3.7% |
| 2024 | -76.6% | +49.2% |
| 2025 | -61.4% | +69.9% |
| 2026 | -49.5% | +9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NSLR good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and NSLR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NSLR?
As of 2026-08-27, the correlation of weekly returns between FNGD and NSLR is -0.25 over 3 years, -0.26 over 1 year and -0.30 over 5 years.
Is NSLR a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and NSLR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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-nslr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nslr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NSLR correlations
