EEFT vs FNGD: Correlation
How closely do Euronet Worldwide, Inc. (EEFT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEFT and FNGD?
Over the past 3 years, EEFT and FNGD moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.23 over 1 year against -0.30 over 3. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -673.9 %².
Out of 14 assets tracked against EEFT, FNGD lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months EEFT outperformed by 28.7 percentage points (-27.0% for EEFT against -55.7% for FNGD). One caveat on sizing: FNGD is 2.5 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.
EEFT vs FNGD: side by side
| EEFT (Euronet Worldwide, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -27.0% | -55.7% |
| 5-year return | -48.7% | -99.4% |
| Volatility (ann.) | 30.1% | 75.7% |
| Beta vs S&P 500 | 0.89 | -4.54 |
| Max drawdown (3Y) | -45.3% | -97.6% |
| Market cap | $2.6B | – |
| P/E (trailing) | 11.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EEFT | FNGD |
|---|---|---|
| 2022 | -20.8% | +52.2% |
| 2023 | +7.5% | -90.1% |
| 2024 | +1.3% | -76.6% |
| 2025 | -26.0% | -61.4% |
| 2026 | -10.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEFT and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between EEFT and FNGD?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.23 over the last year and -0.37 over 5 years.
Is FNGD a good diversifier for EEFT?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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
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Related comparisons
Hubs: EEFT correlations · FNGD correlations
