FNGD vs TSI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TCW Strategic Income Fund, Inc. (TSI) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TSI?
Across a 3-year window, the weekly returns of FNGD and TSI correlate at -0.37, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.37 over 3 years. Stretching to 5 years gives -0.38, with an annualized covariance of -193.7 %².
By 3-year correlation, TSI places #1244 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months TSI outperformed by 52.8 percentage points (-55.7% for FNGD against -2.9% for TSI). Risk is not evenly split, since FNGD carries 11.0 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 TSI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TSI (TCW Strategic Income Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -2.9% |
| 5-year return | -99.4% | +12.9% |
| Volatility (ann.) | 75.7% | 6.9% |
| Beta vs S&P 500 | -4.54 | 0.21 |
| Max drawdown (3Y) | -97.6% | -8.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 10.7 |
| Dividend yield | 0.00% | 5.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TSI |
|---|---|---|
| 2022 | +52.2% | -12.8% |
| 2023 | -90.1% | +7.1% |
| 2024 | -76.6% | +13.5% |
| 2025 | -61.4% | +9.7% |
| 2026 | -49.5% | -6.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TSI good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TSI?
As of 2026-08-27, the correlation of weekly returns between FNGD and TSI is -0.37 over 3 years, -0.23 over 1 year and -0.38 over 5 years.
Is TSI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 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
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Related comparisons
Hubs: FNGD correlations · TSI correlations
