FNGD vs PSBD: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Palmer Square Capital BDC Inc. (PSBD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PSBD?
On 3 years of weekly data the FNGD/PSBD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.28 over 3. The 5-year figure is n/a, and annualized covariance runs at -392.4 %².
Among the 1743 assets we track against FNGD, PSBD ranks #719 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PSBD outperformed by 41.4 percentage points (-55.7% for FNGD against -14.3% for PSBD). One caveat on sizing: FNGD is 4.3 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 PSBD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PSBD (Palmer Square Capital BDC Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -14.3% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 17.8% |
| Beta vs S&P 500 | -4.54 | 0.46 |
| Max drawdown (3Y) | -97.6% | -28.9% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PSBD |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | -9.0% |
| 2026 | -49.5% | -9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PSBD good diversifiers for each other?
Yes. With a correlation of -0.28, FNGD and PSBD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PSBD?
As of 2026-08-27, the correlation of weekly returns between FNGD and PSBD is -0.28 over 3 years, -0.38 over 1 year and n/a over 5 years.
Is PSBD a good diversifier for FNGD?
Yes. With a correlation of -0.28, FNGD and PSBD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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-psbd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-psbd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · PSBD correlations
