ELE vs FNGD: Correlation
Measured on weekly returns over the past three years, Elemental Royalty Corporation (ELE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELE and FNGD?
Across a 3-year window, the weekly returns of ELE and FNGD correlate at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.43) than the 3-year average (-0.26). Stretching to 5 years gives -0.21, with an annualized covariance of -872.1 %².
Among the 11 assets we track against ELE, FNGD sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months ELE outperformed by 108.4 percentage points (+52.7% for ELE against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 1.7 times the volatility of the other side.
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.
ELE vs FNGD: side by side
| ELE (Elemental Royalty Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +52.7% | -55.7% |
| 5-year return | +117.9% | -99.4% |
| Volatility (ann.) | 44.3% | 75.7% |
| Beta vs S&P 500 | 0.87 | -4.54 |
| Max drawdown (3Y) | -40.9% | -97.6% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.27% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELE | FNGD |
|---|---|---|
| 2022 | -25.3% | +52.2% |
| 2023 | -15.4% | -90.1% |
| 2024 | -3.9% | -76.6% |
| 2025 | +114.0% | -61.4% |
| 2026 | +32.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELE and FNGD good diversifiers for each other?
Yes. With a correlation of -0.26, ELE and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ELE and FNGD?
As of 2026-08-27, the correlation of weekly returns between ELE and FNGD is -0.26 over 3 years, -0.43 over 1 year and -0.21 over 5 years.
Is FNGD a good diversifier for ELE?
Yes. With a correlation of -0.26, ELE and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
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Related comparisons
Hubs: ELE correlations · FNGD correlations
