ELVA vs FNGD: Correlation
How closely do Electrovaya Inc. (ELVA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELVA and FNGD?
On 3 years of weekly data the ELVA/FNGD correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.47 versus -0.29 over 3 years. The 5-year figure is -0.24, and annualized covariance runs at -1393.9 %².
Out of 13 assets tracked against ELVA, FNGD lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months ELVA outperformed by 79.8 percentage points (+24.1% for ELVA 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.
ELVA vs FNGD: side by side
| ELVA (Electrovaya Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +24.1% | -55.7% |
| 5-year return | +107.3% | -99.4% |
| Volatility (ann.) | 63.2% | 75.7% |
| Beta vs S&P 500 | 1.17 | -4.54 |
| Max drawdown (3Y) | -56.0% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 68.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELVA | FNGD |
|---|---|---|
| 2022 | +2.8% | +52.2% |
| 2023 | -17.3% | -90.1% |
| 2024 | -19.0% | -76.6% |
| 2025 | +218.5% | -61.4% |
| 2026 | -13.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELVA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between ELVA and FNGD?
The ELVA/FNGD correlation stands at -0.29 on a 3-year window (1 year: -0.47, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ELVA?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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/elva-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elva-vs-fngd/)
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Related comparisons
Hubs: ELVA correlations · FNGD correlations
