FNGD vs PGP: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Pimco Global StocksPlus & Income Fund (PGP) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PGP?
Over the past 3 years, FNGD and PGP moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.56 versus -0.36 over 3 years. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -463.1 %².
By 3-year correlation, PGP places #1196 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months PGP outperformed by 69.2 percentage points (-55.7% for FNGD against +13.5% for PGP). Risk is not evenly split, since FNGD carries 4.5 times the volatility of the other side.
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 PGP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PGP (Pimco Global StocksPlus & Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +13.5% |
| 5-year return | -99.4% | +30.7% |
| Volatility (ann.) | 75.7% | 16.8% |
| Beta vs S&P 500 | -4.54 | 0.58 |
| Max drawdown (3Y) | -97.6% | -16.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 4.2 |
| Dividend yield | 0.00% | 9.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PGP |
|---|---|---|
| 2022 | +52.2% | -29.2% |
| 2023 | -90.1% | +21.3% |
| 2024 | -76.6% | +15.5% |
| 2025 | -61.4% | +29.9% |
| 2026 | -49.5% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PGP good diversifiers for each other?
Yes. With a correlation of -0.36, FNGD and PGP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PGP?
As of 2026-08-27, the correlation of weekly returns between FNGD and PGP is -0.36 over 3 years, -0.56 over 1 year and -0.44 over 5 years.
Is PGP a good diversifier for FNGD?
Yes. With a correlation of -0.36, FNGD and PGP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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-pgp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-pgp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · PGP correlations
