ECAT vs FNGD: Correlation
Measured on weekly returns over the past three years, BlackRock ESG Capital Allocation Term Trust (ECAT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) 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 ECAT and FNGD?
Over the past 3 years, ECAT and FNGD moved with a correlation of -0.63, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.60) sits close to the 3-year figure. Over 5 years the correlation is -0.68, and the annualized covariance of weekly returns is -720.9 %².
Out of 12 assets tracked against ECAT, FNGD lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months ECAT outperformed by 70.4 percentage points (+14.7% for ECAT against -55.7% for FNGD). One caveat on sizing: FNGD is 5.0 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.
ECAT vs FNGD: side by side
| ECAT (BlackRock ESG Capital Allocation Term Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +14.7% | -55.7% |
| 5-year return | +56.8% | -99.4% |
| Volatility (ann.) | 15.2% | 75.7% |
| Beta vs S&P 500 | 0.79 | -4.54 |
| Max drawdown (3Y) | -15.8% | -97.6% |
| Market cap | $1.5B | – |
| P/E (trailing) | 7.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECAT | FNGD |
|---|---|---|
| 2022 | -21.9% | +52.2% |
| 2023 | +32.4% | -90.1% |
| 2024 | +20.0% | -76.6% |
| 2025 | +16.6% | -61.4% |
| 2026 | +15.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECAT and FNGD good diversifiers for each other?
Yes: at -0.63, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ECAT and FNGD?
Using weekly returns as of 2026-08-27: -0.63 over 3 years, with -0.60 over the last year and -0.68 over 5 years.
Is FNGD a good diversifier for ECAT?
Yes: at -0.63, the two have gone their own ways historically, which is what genuine diversification looks like.
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.
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Related comparisons
Hubs: ECAT correlations · FNGD correlations
