FNGD vs PCF: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and High Income Securities Fund (PCF) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PCF?
On 3 years of weekly data the FNGD/PCF correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.42 over 1 year against -0.43 over 3. The 5-year figure is -0.43, and annualized covariance runs at -418.7 %².
Among the 1743 assets we track against FNGD, PCF ranks #1458 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PCF outperformed by 51.8 percentage points (-55.7% for FNGD against -3.9% for PCF). Note the risk asymmetry: FNGD runs 5.9 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 PCF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PCF (High Income Securities Fund) | |
|---|---|---|
| 1-year return | -55.7% | -3.9% |
| 5-year return | -99.4% | -2.1% |
| Volatility (ann.) | 75.7% | 12.8% |
| Beta vs S&P 500 | -4.54 | 0.49 |
| Max drawdown (3Y) | -97.6% | -13.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 25.8 |
| Dividend yield | 0.00% | 13.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PCF |
|---|---|---|
| 2022 | +52.2% | -15.6% |
| 2023 | -90.1% | +10.4% |
| 2024 | -76.6% | +13.8% |
| 2025 | -61.4% | +5.2% |
| 2026 | -49.5% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PCF good diversifiers for each other?
Yes. With a correlation of -0.43, FNGD and PCF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PCF?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.42 over the last year and -0.43 over 5 years.
Is PCF a good diversifier for FNGD?
Yes. With a correlation of -0.43, FNGD and PCF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
A reading of -0.43 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-pcf.json
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Related comparisons
Hubs: FNGD correlations · PCF correlations
