FNGD vs PIM: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Franklin Master Intermediate Income Trust Shares of (PIM) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PIM?
Over the past 3 years, FNGD and PIM moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -207.6 %².
Among the 1743 assets we track against FNGD, PIM ranks #853 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PIM ahead by 58.9 points (-55.7% versus +3.2%). One caveat on sizing: FNGD is 8.2 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 PIM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PIM (Franklin Master Intermediate Income Trust Shares of) | |
|---|---|---|
| 1-year return | -55.7% | +3.2% |
| 5-year return | -99.4% | +16.1% |
| Volatility (ann.) | 75.7% | 9.2% |
| Beta vs S&P 500 | -4.54 | 0.26 |
| Max drawdown (3Y) | -97.6% | -6.4% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | 14.4 |
| Dividend yield | 0.00% | 8.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PIM |
|---|---|---|
| 2022 | +52.2% | -12.5% |
| 2023 | -90.1% | +8.4% |
| 2024 | -76.6% | +10.9% |
| 2025 | -61.4% | +10.9% |
| 2026 | -49.5% | +0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PIM good diversifiers for each other?
Yes. With a correlation of -0.30, FNGD and PIM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PIM?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.27 over the last year and -0.36 over 5 years.
Is PIM a good diversifier for FNGD?
Yes. With a correlation of -0.30, FNGD and PIM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · PIM correlations
