EML vs FNGD: Correlation
Eastern Company (The) (EML) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EML and FNGD?
Across a 3-year window, the weekly returns of EML and FNGD correlate at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.25 over 3. Stretching to 5 years gives -0.26, with an annualized covariance of -752.7 %².
Among the 10 assets we track against EML, FNGD sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with EML ahead by 67.6 points (+11.9% versus -55.7%). One caveat on sizing: FNGD is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EML vs FNGD: side by side
| EML (Eastern Company (The)) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +11.9% | -55.7% |
| 5-year return | +6.9% | -99.4% |
| Volatility (ann.) | 39.5% | 75.7% |
| Beta vs S&P 500 | 0.99 | -4.54 |
| Max drawdown (3Y) | -47.0% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | 19.8 | 20.6 |
| Dividend yield | 1.69% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EML | FNGD |
|---|---|---|
| 2022 | -21.5% | +52.2% |
| 2023 | +16.8% | -90.1% |
| 2024 | +22.6% | -76.6% |
| 2025 | -24.4% | -61.4% |
| 2026 | +35.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EML and FNGD good diversifiers for each other?
Yes. With a correlation of -0.25, EML and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EML and FNGD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.20 over the last year and -0.26 over 5 years.
Is FNGD a good diversifier for EML?
Yes. With a correlation of -0.25, EML and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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/eml-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: EML correlations · FNGD correlations
