ECL vs FNGD: Correlation
How closely do Ecolab (ECL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECL and FNGD?
Over the past 3 years, ECL and FNGD moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.09) than the 3-year average (-0.23). Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -340.9 %².
Among the 53 assets we track against ECL, FNGD sits near the bottom by co-movement, at rank #49. Their recent paths diverged sharply: over the last 12 months ECL outperformed by 58.8 percentage points (+3.1% for ECL against -55.7% for FNGD). One caveat on sizing: FNGD is 3.9 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.
ECL vs FNGD: side by side
| ECL (Ecolab) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +3.1% | -55.7% |
| 5-year return | +34.0% | -99.4% |
| Volatility (ann.) | 19.5% | 75.7% |
| Beta vs S&P 500 | 0.64 | -4.54 |
| Max drawdown (3Y) | -20.1% | -97.6% |
| Market cap | $80.1B | – |
| P/E (trailing) | 39.1 | 20.6 |
| Dividend yield | 0.98% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | ECL | FNGD |
|---|---|---|
| 2022 | -37.1% | +52.2% |
| 2023 | +37.9% | -90.1% |
| 2024 | +19.3% | -76.6% |
| 2025 | +13.2% | -61.4% |
| 2026 | +9.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECL and FNGD good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ECL and FNGD?
As of 2026-08-27, the correlation of weekly returns between ECL and FNGD is -0.23 over 3 years, 0.09 over 1 year and -0.44 over 5 years.
Is FNGD a good diversifier for ECL?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 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
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Related comparisons
Hubs: ECL correlations · FNGD correlations
