FNGD vs PAXS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PIMCO Access Income Fund (PAXS) 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 PAXS?
Across a 3-year window, the weekly returns of FNGD and PAXS correlate at -0.32, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.42 over 1 year against -0.32 over 3. Stretching to 5 years gives -0.34, with an annualized covariance of -352.9 %².
By 3-year correlation, PAXS places #981 of the 1743 assets tracked against FNGD. The last year tells two different stories: PAXS led by 55.4 percentage points, -55.7% for FNGD against -0.3% for PAXS. Note the risk asymmetry: FNGD runs 5.2 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 PAXS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PAXS (PIMCO Access Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | -0.3% |
| 5-year return | -99.4% | +20.5% |
| Volatility (ann.) | 75.7% | 14.6% |
| Beta vs S&P 500 | -4.54 | 0.48 |
| Max drawdown (3Y) | -97.6% | -13.4% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | 7.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PAXS |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | +9.3% |
| 2024 | -76.6% | +19.5% |
| 2025 | -61.4% | +12.5% |
| 2026 | -49.5% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PAXS 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 PAXS?
The FNGD/PAXS correlation stands at -0.32 on a 3-year window (1 year: -0.42, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is PAXS 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?
A reading of -0.32 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-paxs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-paxs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · PAXS correlations
