FNGD vs PFN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PIMCO Income Strategy Fund II (PFN) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PFN?
Across a 3-year window, the weekly returns of FNGD and PFN correlate at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -288.0 %².
By 3-year correlation, PFN places #912 of the 1743 assets tracked against FNGD. The last year tells two different stories: PFN led by 59.8 percentage points, -55.7% for FNGD against +4.1% for PFN. Note the risk asymmetry: FNGD runs 6.2 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 PFN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PFN (PIMCO Income Strategy Fund II) | |
|---|---|---|
| 1-year return | -55.7% | +4.1% |
| 5-year return | -99.4% | +9.3% |
| Volatility (ann.) | 75.7% | 12.2% |
| Beta vs S&P 500 | -4.54 | 0.40 |
| Max drawdown (3Y) | -97.6% | -11.1% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | 13.4 |
| Dividend yield | 0.00% | 12.40% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PFN |
|---|---|---|
| 2022 | +52.2% | -17.6% |
| 2023 | -90.1% | +15.5% |
| 2024 | -76.6% | +15.8% |
| 2025 | -61.4% | +13.1% |
| 2026 | -49.5% | +1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PFN good diversifiers for each other?
Yes. With a correlation of -0.31, FNGD and PFN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PFN?
As of 2026-08-27, the correlation of weekly returns between FNGD and PFN is -0.31 over 3 years, -0.34 over 1 year and -0.38 over 5 years.
Is PFN a good diversifier for FNGD?
Yes. With a correlation of -0.31, FNGD and PFN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
A reading of -0.31 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-pfn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pfn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · PFN correlations
