ELDN vs FNGD: Correlation
Eledon Pharmaceuticals, Inc. (ELDN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELDN and FNGD?
Across a 3-year window, the weekly returns of ELDN and FNGD correlate at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.39) than the 3-year average (-0.22). Stretching to 5 years gives -0.18, with an annualized covariance of -1361.9 %².
FNGD is close to the least connected end of ELDN's tracked universe, ranking #9 of 11. Their recent paths diverged sharply: over the last 12 months ELDN outperformed by 84.4 percentage points (+28.7% for ELDN 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.
ELDN vs FNGD: side by side
| ELDN (Eledon Pharmaceuticals, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +28.7% | -55.7% |
| 5-year return | -58.7% | -99.4% |
| Volatility (ann.) | 82.7% | 75.7% |
| Beta vs S&P 500 | 1.13 | -4.54 |
| Max drawdown (3Y) | -73.8% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELDN | FNGD |
|---|---|---|
| 2022 | -48.3% | +52.2% |
| 2023 | -21.1% | -90.1% |
| 2024 | +128.9% | -76.6% |
| 2025 | -63.3% | -61.4% |
| 2026 | +119.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELDN and FNGD good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELDN and FNGD?
As of 2026-08-27, the correlation of weekly returns between ELDN and FNGD is -0.22 over 3 years, -0.39 over 1 year and -0.18 over 5 years.
Is FNGD a good diversifier for ELDN?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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/eldn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eldn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELDN correlations · FNGD correlations
