FNGD vs PDI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PIMCO Dynamic Income Fund (PDI) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PDI?
Across a 3-year window, the weekly returns of FNGD and PDI correlate at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.38 over 3. Stretching to 5 years gives -0.44, with an annualized covariance of -414.6 %².
Among the 1743 assets we track against FNGD, PDI ranks #1284 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PDI outperformed by 48.1 percentage points (-55.7% for FNGD against -7.6% for PDI). One caveat on sizing: FNGD is 5.3 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 PDI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PDI (PIMCO Dynamic Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | -7.6% |
| 5-year return | -99.4% | +11.0% |
| Volatility (ann.) | 75.7% | 14.3% |
| Beta vs S&P 500 | -4.54 | 0.52 |
| Max drawdown (3Y) | -97.6% | -14.4% |
| Market cap | – | $7.1B |
| P/E (trailing) | 20.6 | 7.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PDI |
|---|---|---|
| 2022 | +52.2% | -17.0% |
| 2023 | -90.1% | +12.0% |
| 2024 | -76.6% | +17.2% |
| 2025 | -61.4% | +11.1% |
| 2026 | -49.5% | -3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PDI good diversifiers for each other?
Yes. With a correlation of -0.38, FNGD and PDI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PDI?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.28 over the last year and -0.44 over 5 years.
Is PDI a good diversifier for FNGD?
Yes. With a correlation of -0.38, FNGD and PDI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 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-pdi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-pdi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · PDI correlations
