ED vs FNGD: Correlation
Consolidated Edison (ED) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and FNGD?
Over the past 3 years, ED and FNGD moved with a correlation of 0.37, which is moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 465.5 %².
By 3-year correlation, FNGD places #22 of the 105 assets tracked against ED. The last year tells two different stories: ED led by 65.9 percentage points, +10.2% for ED against -55.7% for FNGD. One caveat on sizing: FNGD is 4.6 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.
ED vs FNGD: side by side
| ED (Consolidated Edison) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +10.2% | -55.7% |
| 5-year return | +67.5% | -99.4% |
| Volatility (ann.) | 16.5% | 75.7% |
| Beta vs S&P 500 | -0.21 | -4.54 |
| Max drawdown (3Y) | -17.4% | -97.6% |
| Market cap | $39.5B | – |
| P/E (trailing) | 17.5 | 20.6 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ED | FNGD |
|---|---|---|
| 2022 | +15.7% | +52.2% |
| 2023 | -1.1% | -90.1% |
| 2024 | +1.5% | -76.6% |
| 2025 | +15.1% | -61.4% |
| 2026 | +10.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and FNGD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ED and FNGD?
The ED/FNGD correlation stands at 0.37 on a 3-year window (1 year: 0.45, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ED?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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/ed-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: ED correlations · FNGD correlations
