FNGD vs VLT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Invesco High Income Trust II (VLT) show a negative relationship: their 3-year correlation of weekly returns is -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VLT?
Across a 3-year window, the weekly returns of FNGD and VLT correlate at -0.47, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.53) sits close to the 3-year figure. Stretching to 5 years gives -0.47, with an annualized covariance of -355.9 %².
Among the 1743 assets we track against FNGD, VLT ranks #1545 by 3-year correlation. The last year tells two different stories: VLT led by 54.4 percentage points, -55.7% for FNGD against -1.3% for VLT. One caveat on sizing: FNGD is 7.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VLT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VLT (Invesco High Income Trust II) | |
|---|---|---|
| 1-year return | -55.7% | -1.3% |
| 5-year return | -99.4% | +12.4% |
| Volatility (ann.) | 75.7% | 10.0% |
| Beta vs S&P 500 | -4.54 | 0.47 |
| Max drawdown (3Y) | -97.6% | -13.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 13.9 |
| Dividend yield | 0.00% | 11.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VLT |
|---|---|---|
| 2022 | +52.2% | -20.9% |
| 2023 | -90.1% | +13.1% |
| 2024 | -76.6% | +17.3% |
| 2025 | -61.4% | +13.2% |
| 2026 | -49.5% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VLT good diversifiers for each other?
Yes. With a correlation of -0.47, FNGD and VLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and VLT?
As of 2026-08-27, the correlation of weekly returns between FNGD and VLT is -0.47 over 3 years, -0.53 over 1 year and -0.47 over 5 years.
Is VLT a good diversifier for FNGD?
Yes. With a correlation of -0.47, FNGD and VLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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-vlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-vlt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · VLT correlations
