ELF vs FNGD: Correlation
Measured on weekly returns over the past three years, e.l.f. Beauty, Inc. (ELF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELF and FNGD?
Across a 3-year window, the weekly returns of ELF and FNGD correlate at -0.39, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -1996.1 %².
FNGD is close to the least connected end of ELF's tracked universe, ranking #14 of 14. Their recent paths diverged sharply: over the last 12 months ELF outperformed by 40.7 percentage points (-15.0% for ELF 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.
ELF vs FNGD: side by side
| ELF (e.l.f. Beauty, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -15.0% | -55.7% |
| 5-year return | +244.4% | -99.4% |
| Volatility (ann.) | 67.7% | 75.7% |
| Beta vs S&P 500 | 2.00 | -4.54 |
| Max drawdown (3Y) | -77.3% | -97.6% |
| Market cap | $6.3B | – |
| P/E (trailing) | 108.3 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELF | FNGD |
|---|---|---|
| 2022 | +66.5% | +52.2% |
| 2023 | +161.0% | -90.1% |
| 2024 | -13.0% | -76.6% |
| 2025 | -39.4% | -61.4% |
| 2026 | +39.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELF and FNGD good diversifiers for each other?
Yes. With a correlation of -0.39, ELF and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ELF and FNGD?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.42 over the last year and -0.38 over 5 years.
Is FNGD a good diversifier for ELF?
Yes. With a correlation of -0.39, ELF and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elf-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elf-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELF correlations · FNGD correlations
