FNGD vs TDF: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Templeton Dragon Fund, Inc. (TDF) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TDF?
On 3 years of weekly data the FNGD/TDF correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.52 versus -0.30 over 3 years. The 5-year figure is -0.39, and annualized covariance runs at -496.6 %².
By 3-year correlation, TDF places #868 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months TDF outperformed by 59.1 percentage points (-55.7% for FNGD against +3.4% for TDF). Risk is not evenly split, since FNGD carries 3.4 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 TDF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TDF (Templeton Dragon Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +3.4% |
| 5-year return | -99.4% | -29.3% |
| Volatility (ann.) | 75.7% | 22.2% |
| Beta vs S&P 500 | -4.54 | 0.64 |
| Max drawdown (3Y) | -97.6% | -22.2% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 3.6 |
| Dividend yield | 0.00% | 3.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TDF |
|---|---|---|
| 2022 | +52.2% | -32.9% |
| 2023 | -90.1% | -20.1% |
| 2024 | -76.6% | +5.5% |
| 2025 | -61.4% | +37.7% |
| 2026 | -49.5% | -1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TDF 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 TDF?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.52 over the last year and -0.39 over 5 years.
Is TDF 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?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-tdf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tdf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · TDF correlations
