FNGD vs SPXX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) carry a correlation of -0.75, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPXX?
On 3 years of weekly data the FNGD/SPXX correlation comes out at -0.75, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.67 lands near the 3-year figure. The 5-year figure is -0.67, and annualized covariance runs at -808.7 %².
Within FNGD's tracked universe of 1743 assets, SPXX comes in at #1716 by 3-year correlation. The last year tells two different stories: SPXX led by 70.6 percentage points, -55.7% for FNGD against +14.9% for SPXX. Risk is not evenly split, since FNGD carries 5.3 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 SPXX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | |
|---|---|---|
| 1-year return | -55.7% | +14.9% |
| 5-year return | -99.4% | +52.8% |
| Volatility (ann.) | 75.7% | 14.3% |
| Beta vs S&P 500 | -4.54 | 0.87 |
| Max drawdown (3Y) | -97.6% | -17.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 8.6 |
| Dividend yield | 0.00% | 7.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SPXX |
|---|---|---|
| 2022 | +52.2% | -6.9% |
| 2023 | -90.1% | +0.9% |
| 2024 | -76.6% | +27.1% |
| 2025 | -61.4% | +9.8% |
| 2026 | -49.5% | +11.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.75 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SPXX?
Using weekly returns as of 2026-08-27: -0.75 over 3 years, with -0.67 over the last year and -0.67 over 5 years.
Is SPXX a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.75 means the two rarely move for the same reasons.
What does a correlation of -0.75 mean?
A reading of -0.75 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-spxx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-spxx/)
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Related comparisons
Hubs: FNGD correlations · SPXX correlations
