EFA vs FNGD: Correlation
Measured on weekly returns over the past three years, iShares MSCI EAFE ETF (EFA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and FNGD?
On 3 years of weekly data the EFA/FNGD correlation comes out at -0.53, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.43 versus -0.53 over 3 years. The 5-year figure is -0.59, and annualized covariance runs at -602.3 %².
Among the 109 assets we track against EFA, FNGD sits near the bottom by co-movement, at rank #107. Their recent paths diverged sharply: over the last 12 months EFA outperformed by 77.6 percentage points (+21.9% for EFA against -55.7% for FNGD). One caveat on sizing: FNGD is 5.1 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.
EFA vs FNGD: side by side
| EFA (iShares MSCI EAFE ETF) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +21.9% | -55.7% |
| 5-year return | +56.7% | -99.4% |
| Volatility (ann.) | 14.9% | 75.7% |
| Beta vs S&P 500 | 0.77 | -4.54 |
| Max drawdown (3Y) | -14.1% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 3.19% | 0.00% |
| Expense ratio | 0.32% | – |
| Assets under management | $78.0B | – |
| Sector / category | ETF · International | US Listed |
On the fund side, EFA sits in the Foreign Large Blend category at iShares, with $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% trailing dividend yield.
Year-by-year returns
| Year | EFA | FNGD |
|---|---|---|
| 2022 | -14.4% | +52.2% |
| 2023 | +18.4% | -90.1% |
| 2024 | +3.5% | -76.6% |
| 2025 | +31.5% | -61.4% |
| 2026 | +14.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
FAQ
What is the correlation between EFA and FNGD?
The EFA/FNGD correlation stands at -0.53 on a 3-year window (1 year: -0.43, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EFA?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
What does a correlation of -0.53 mean?
On the −1 to +1 scale, -0.53 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/efa-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/efa-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EFA correlations · FNGD correlations
