EDF vs FNGD: Correlation
How closely do Virtus Stone Harbor Emerging Markets Income Fund (EDF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDF and FNGD?
On 3 years of weekly data the EDF/FNGD correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.48 versus -0.26 over 3 years. The 5-year figure is -0.35, and annualized covariance runs at -408.7 %².
Among the 11 assets we track against EDF, FNGD sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with EDF ahead by 71.1 points (+15.4% versus -55.7%). Note the risk asymmetry: FNGD runs 3.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EDF vs FNGD: side by side
| EDF (Virtus Stone Harbor Emerging Markets Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +15.4% | -55.7% |
| 5-year return | +26.6% | -99.4% |
| Volatility (ann.) | 20.9% | 75.7% |
| Beta vs S&P 500 | 0.52 | -4.54 |
| Max drawdown (3Y) | -23.4% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | 4.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDF | FNGD |
|---|---|---|
| 2022 | -28.0% | +52.2% |
| 2023 | +21.6% | -90.1% |
| 2024 | +25.5% | -76.6% |
| 2025 | +22.2% | -61.4% |
| 2026 | +14.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDF and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between EDF and FNGD?
The EDF/FNGD correlation stands at -0.26 on a 3-year window (1 year: -0.48, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EDF?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/edf-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/edf-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EDF correlations · FNGD correlations
