EME vs FNGD: Correlation
Measured on weekly returns over the past three years, Emcor (EME) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.46, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EME and FNGD?
Over the past 3 years, EME and FNGD moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.46). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -1210.6 %².
FNGD is close to the least connected end of EME's tracked universe, ranking #32 of 34. Their recent paths diverged sharply: over the last 12 months EME outperformed by 80.2 percentage points (+24.5% for EME against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EME vs FNGD: side by side
| EME (Emcor) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +24.5% | -55.7% |
| 5-year return | +540.3% | -99.4% |
| Volatility (ann.) | 34.9% | 75.7% |
| Beta vs S&P 500 | 1.31 | -4.54 |
| Max drawdown (3Y) | -36.2% | -97.6% |
| Market cap | $34.2B | – |
| P/E (trailing) | 23.8 | 20.6 |
| Dividend yield | 0.09% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | EME | FNGD |
|---|---|---|
| 2022 | +16.8% | +52.2% |
| 2023 | +46.0% | -90.1% |
| 2024 | +111.3% | -76.6% |
| 2025 | +35.1% | -61.4% |
| 2026 | +26.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EME and FNGD good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EME and FNGD?
As of 2026-08-27, the correlation of weekly returns between EME and FNGD is -0.46 over 3 years, -0.19 over 1 year and -0.42 over 5 years.
Is FNGD a good diversifier for EME?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eme-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: EME correlations · FNGD correlations
