EMF vs FNGD: Correlation
Templeton Emerging Markets Fund (EMF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMF and FNGD?
Over the past 3 years, EMF and FNGD moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.57) sits close to the 3-year figure. Over 5 years the correlation is -0.56, and the annualized covariance of weekly returns is -834.5 %².
Among the 21 assets we track against EMF, FNGD sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months EMF outperformed by 117.3 percentage points (+61.6% for EMF against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 3.6 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.
EMF vs FNGD: side by side
| EMF (Templeton Emerging Markets Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +61.6% | -55.7% |
| 5-year return | +91.4% | -99.4% |
| Volatility (ann.) | 21.0% | 75.7% |
| Beta vs S&P 500 | 0.93 | -4.54 |
| Max drawdown (3Y) | -19.5% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.4 | 20.6 |
| Dividend yield | 3.91% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EMF | FNGD |
|---|---|---|
| 2022 | -21.5% | +52.2% |
| 2023 | +8.8% | -90.1% |
| 2024 | +6.6% | -76.6% |
| 2025 | +58.2% | -61.4% |
| 2026 | +36.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMF and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
FAQ
What is the correlation between EMF and FNGD?
As of 2026-08-27, the correlation of weekly returns between EMF and FNGD is -0.53 over 3 years, -0.57 over 1 year and -0.56 over 5 years.
Is FNGD a good diversifier for EMF?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
What does a correlation of -0.53 mean?
A reading of -0.53 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/emf-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/emf-vs-fngd/)
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Related comparisons
Hubs: EMF correlations · FNGD correlations
