EH vs FNGD: Correlation
Measured on weekly returns over the past three years, EHang Holdings Limited (EH) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EH and FNGD?
Over the past 3 years, EH and FNGD moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.58) runs below the 3-year figure (-0.27). Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -1489.0 %².
Among the 11 assets we track against EH, FNGD sits near the bottom by co-movement, at rank #9. The last year tells two different stories: FNGD led by 15.0 percentage points, -70.7% for EH against -55.7% for FNGD.
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.
EH vs FNGD: side by side
| EH (EHang Holdings Limited) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -70.7% | -55.7% |
| 5-year return | -81.9% | -99.4% |
| Volatility (ann.) | 72.3% | 75.7% |
| Beta vs S&P 500 | 1.92 | -4.54 |
| Max drawdown (3Y) | -82.4% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EH | FNGD |
|---|---|---|
| 2022 | -42.5% | +52.2% |
| 2023 | +95.8% | -90.1% |
| 2024 | -6.3% | -76.6% |
| 2025 | -16.3% | -61.4% |
| 2026 | -64.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EH and FNGD good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EH and FNGD?
As of 2026-08-27, the correlation of weekly returns between EH and FNGD is -0.27 over 3 years, -0.58 over 1 year and -0.35 over 5 years.
Is FNGD a good diversifier for EH?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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
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Related comparisons
Hubs: EH correlations · FNGD correlations
