FNGD vs PFL: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PIMCO Income Strategy Fund Shares of Beneficial Interest (PFL) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PFL?
On 3 years of weekly data the FNGD/PFL correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.34 over 3. The 5-year figure is -0.39, and annualized covariance runs at -306.3 %².
Within FNGD's tracked universe of 1743 assets, PFL comes in at #1097 by 3-year correlation. The last year tells two different stories: PFL led by 56.8 percentage points, -55.7% for FNGD against +1.1% for PFL. Note the risk asymmetry: FNGD runs 6.3 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 PFL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PFL (PIMCO Income Strategy Fund Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | -55.7% | +1.1% |
| 5-year return | -99.4% | +1.9% |
| Volatility (ann.) | 75.7% | 12.0% |
| Beta vs S&P 500 | -4.54 | 0.39 |
| Max drawdown (3Y) | -97.6% | -11.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 9.6 |
| Dividend yield | 0.00% | 12.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PFL |
|---|---|---|
| 2022 | +52.2% | -18.0% |
| 2023 | -90.1% | +17.2% |
| 2024 | -76.6% | +11.4% |
| 2025 | -61.4% | +13.0% |
| 2026 | -49.5% | -2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PFL good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PFL?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.39 over the last year and -0.39 over 5 years.
Is PFL a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 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-pfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pfl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · PFL correlations
