FNGD vs TSLX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sixth Street Specialty Lending, Inc. (TSLX) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TSLX?
Across a 3-year window, the weekly returns of FNGD and TSLX correlate at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -511.3 %².
Within FNGD's tracked universe of 1743 assets, TSLX comes in at #1058 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TSLX outperformed by 40.7 percentage points (-55.7% for FNGD against -15.0% for TSLX). Risk is not evenly split, since FNGD carries 3.7 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 TSLX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TSLX (Sixth Street Specialty Lending, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -15.0% |
| 5-year return | -99.4% | +35.2% |
| Volatility (ann.) | 75.7% | 20.5% |
| Beta vs S&P 500 | -4.54 | 0.60 |
| Max drawdown (3Y) | -97.6% | -29.0% |
| Market cap | – | $1.8B |
| P/E (trailing) | 20.6 | 19.9 |
| Dividend yield | 0.00% | 10.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TSLX |
|---|---|---|
| 2022 | +52.2% | -16.4% |
| 2023 | -90.1% | +35.3% |
| 2024 | -76.6% | +8.8% |
| 2025 | -61.4% | +11.5% |
| 2026 | -49.5% | -9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TSLX good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TSLX?
The FNGD/TSLX correlation stands at -0.33 on a 3-year window (1 year: -0.37, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is TSLX a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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-tslx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-tslx/)
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Related comparisons
Hubs: FNGD correlations · TSLX correlations
