ECX vs FNGD: Correlation
How closely do ECARX Holdings Inc. - Class A (ECX) 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 ECX and FNGD?
On 3 years of weekly data the ECX/FNGD correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.34 versus -0.23 over 3 years. The 5-year figure is -0.20, and annualized covariance runs at -1596.1 %².
Out of 12 assets tracked against ECX, FNGD lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months ECX outperformed by 22.6 percentage points (-33.1% for ECX against -55.7% for FNGD).
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.
ECX vs FNGD: side by side
| ECX (ECARX Holdings Inc. - Class A) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -33.1% | -55.7% |
| 5-year return | -88.9% | -99.4% |
| Volatility (ann.) | 93.0% | 75.7% |
| Beta vs S&P 500 | 1.61 | -4.54 |
| Max drawdown (3Y) | -82.6% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECX | FNGD |
|---|---|---|
| 2022 | -18.1% | +52.2% |
| 2023 | -60.5% | -90.1% |
| 2024 | -33.2% | -76.6% |
| 2025 | -18.5% | -61.4% |
| 2026 | -37.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECX 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 ECX and FNGD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.34 over the last year and -0.20 over 5 years.
Is FNGD a good diversifier for ECX?
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
$ curl https://www.pairbook.io/api/v1/pairs/ecx-vs-fngd.json
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[](https://www.pairbook.io/pair/ecx-vs-fngd/)
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Related comparisons
Hubs: ECX correlations · FNGD correlations
