FNGD vs PNNT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PennantPark Investment Corporation (PNNT) 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 PNNT?
Over the past 3 years, FNGD and PNNT moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.30 over 3. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -499.5 %².
Among the 1743 assets we track against FNGD, PNNT ranks #855 by 3-year correlation. The last year tells two different stories: PNNT led by 19.3 percentage points, -55.7% for FNGD against -36.4% for PNNT. Note the risk asymmetry: FNGD runs 3.5 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 PNNT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PNNT (PennantPark Investment Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -36.4% |
| 5-year return | -99.4% | +13.8% |
| Volatility (ann.) | 75.7% | 21.6% |
| Beta vs S&P 500 | -4.54 | 0.61 |
| Max drawdown (3Y) | -97.6% | -47.6% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | 24.9 |
| Dividend yield | 0.00% | 21.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PNNT |
|---|---|---|
| 2022 | +52.2% | -8.9% |
| 2023 | -90.1% | +37.3% |
| 2024 | -76.6% | +16.6% |
| 2025 | -61.4% | -3.0% |
| 2026 | -49.5% | -27.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PNNT good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PNNT?
As of 2026-08-27, the correlation of weekly returns between FNGD and PNNT is -0.30 over 3 years, -0.36 over 1 year and -0.34 over 5 years.
Is PNNT a good diversifier for FNGD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-pnnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pnnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · PNNT correlations
