EDBL vs FNGD: Correlation
How closely do Edible Garden AG Incorporated (EDBL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDBL and FNGD?
Across a 3-year window, the weekly returns of EDBL and FNGD correlate at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Stretching to 5 years gives -0.15, with an annualized covariance of -2069.2 %².
Among the 10 assets we track against EDBL, FNGD sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with FNGD ahead by 44.1 points (-99.8% versus -55.7%). One caveat on sizing: EDBL is 1.8 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.
EDBL vs FNGD: side by side
| EDBL (Edible Garden AG Incorporated) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -99.8% | -55.7% |
| 5-year return | -100.0% | -99.4% |
| Volatility (ann.) | 136.5% | 75.7% |
| Beta vs S&P 500 | 1.62 | -4.54 |
| Max drawdown (3Y) | -100.0% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDBL | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | -92.0% | -90.1% |
| 2024 | -96.8% | -76.6% |
| 2025 | -92.4% | -61.4% |
| 2026 | -99.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDBL and FNGD good diversifiers for each other?
Yes. With a correlation of -0.20, EDBL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EDBL and FNGD?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.24 over the last year and -0.15 over 5 years.
Is FNGD a good diversifier for EDBL?
Yes. With a correlation of -0.20, EDBL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 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/edbl-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/edbl-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EDBL correlations · FNGD correlations
