FNGD vs TCPC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and BlackRock TCP Capital Corp. - Closed End Fund (TCPC) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TCPC?
Across a 3-year window, the weekly returns of FNGD and TCPC correlate at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.47) than the 3-year average (-0.29). Stretching to 5 years gives -0.27, with an annualized covariance of -726.9 %².
By 3-year correlation, TCPC places #800 of the 1743 assets tracked against FNGD. The last year tells two different stories: TCPC led by 25.0 percentage points, -55.7% for FNGD against -30.7% for TCPC. Risk is not evenly split, since FNGD carries 2.3 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 TCPC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -55.7% | -30.7% |
| 5-year return | -99.4% | -42.1% |
| Volatility (ann.) | 75.7% | 33.1% |
| Beta vs S&P 500 | -4.54 | 0.94 |
| Max drawdown (3Y) | -97.6% | -60.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 20.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TCPC |
|---|---|---|
| 2022 | +52.2% | +5.6% |
| 2023 | -90.1% | +3.2% |
| 2024 | -76.6% | -12.3% |
| 2025 | -61.4% | -26.2% |
| 2026 | -49.5% | -16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TCPC good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TCPC?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.47 over the last year and -0.27 over 5 years.
Is TCPC a good diversifier for FNGD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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 · TCPC correlations
