FNGD vs TY: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Tri Continental Corporation (TY) carry a correlation of -0.63, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TY?
On 3 years of weekly data the FNGD/TY correlation comes out at -0.63, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.62 over 1 year against -0.63 over 3. The 5-year figure is -0.65, and annualized covariance runs at -644.1 %².
By 3-year correlation, TY places #1685 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with TY ahead by 67.0 points (-55.7% versus +11.3%). Note the risk asymmetry: FNGD runs 5.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TY (Tri Continental Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +11.3% |
| 5-year return | -99.4% | +26.0% |
| Volatility (ann.) | 75.7% | 13.5% |
| Beta vs S&P 500 | -4.54 | 0.79 |
| Max drawdown (3Y) | -97.6% | -19.7% |
| Market cap | – | $1.9B |
| P/E (trailing) | 20.6 | 7.3 |
| Dividend yield | 0.00% | 3.09% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TY |
|---|---|---|
| 2022 | +52.2% | -19.7% |
| 2023 | -90.1% | +17.2% |
| 2024 | -76.6% | +15.0% |
| 2025 | -61.4% | +6.6% |
| 2026 | -49.5% | +12.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TY good diversifiers for each other?
By historical standards, yes. A correlation of -0.63 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TY?
The FNGD/TY correlation stands at -0.63 on a 3-year window (1 year: -0.62, 5 years: -0.65), computed from weekly returns as of 2026-08-27.
Is TY a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.63 means the two rarely move for the same reasons.
What does a correlation of -0.63 mean?
A reading of -0.63 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-ty.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ty/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TY correlations
