FNGD vs UTG: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Reaves Utility Income Fund (UTG) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and UTG?
Over the past 3 years, FNGD and UTG moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -452.7 %².
By 3-year correlation, UTG places #928 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with UTG ahead by 62.5 points (-55.7% versus +6.8%). Risk is not evenly split, since FNGD carries 4.0 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 UTG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | UTG (Reaves Utility Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +6.8% |
| 5-year return | -99.4% | +53.5% |
| Volatility (ann.) | 75.7% | 19.1% |
| Beta vs S&P 500 | -4.54 | 0.67 |
| Max drawdown (3Y) | -97.6% | -14.9% |
| Market cap | – | $3.5B |
| P/E (trailing) | 20.6 | 2.8 |
| Dividend yield | 0.00% | 6.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | UTG |
|---|---|---|
| 2022 | +52.2% | -13.4% |
| 2023 | -90.1% | +2.8% |
| 2024 | -76.6% | +28.1% |
| 2025 | -61.4% | +23.2% |
| 2026 | -49.5% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and UTG good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and UTG?
The FNGD/UTG correlation stands at -0.31 on a 3-year window (1 year: -0.22, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is UTG a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 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-utg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-utg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · UTG correlations
