FNGD vs VGI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Virtus Global Multi-Sector Income Fund (VGI) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VGI?
Over the past 3 years, FNGD and VGI moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.60) than the 3-year average (-0.35). Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -274.6 %².
Among the 1743 assets we track against FNGD, VGI ranks #1164 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VGI outperformed by 59.5 percentage points (-55.7% for FNGD against +3.8% for VGI). Risk is not evenly split, since FNGD carries 7.3 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 VGI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VGI (Virtus Global Multi-Sector Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +3.8% |
| 5-year return | -99.4% | +11.9% |
| Volatility (ann.) | 75.7% | 10.3% |
| Beta vs S&P 500 | -4.54 | 0.38 |
| Max drawdown (3Y) | -97.6% | -11.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 7.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VGI |
|---|---|---|
| 2022 | +52.2% | -22.3% |
| 2023 | -90.1% | +13.4% |
| 2024 | -76.6% | +10.4% |
| 2025 | -61.4% | +16.1% |
| 2026 | -49.5% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VGI good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and VGI?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.60 over the last year and -0.44 over 5 years.
Is VGI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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-vgi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-vgi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · VGI correlations
