ENLT vs FNGD: Correlation
Measured on weekly returns over the past three years, Enlight Renewable Energy Ltd. (ENLT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENLT and FNGD?
Across a 3-year window, the weekly returns of ENLT and FNGD correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.22). Stretching to 5 years gives 0.05, with an annualized covariance of -685.3 %².
Among the 13 assets we track against ENLT, FNGD sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with ENLT ahead by 244.5 points (+188.8% versus -55.7%). Risk is not evenly split, since FNGD carries 1.8 times the volatility of the other side.
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.
ENLT vs FNGD: side by side
| ENLT (Enlight Renewable Energy Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +188.8% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 42.0% | 75.7% |
| Beta vs S&P 500 | 0.88 | -4.54 |
| Max drawdown (3Y) | -27.7% | -97.6% |
| Market cap | $11.3B | – |
| P/E (trailing) | 127.9 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENLT | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | -9.9% | -76.6% |
| 2025 | +163.6% | -61.4% |
| 2026 | +77.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENLT and FNGD good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ENLT and FNGD?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.34 over the last year and 0.05 over 5 years.
Is FNGD a good diversifier for ENLT?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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/enlt-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/enlt-vs-fngd/)
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Related comparisons
Hubs: ENLT correlations · FNGD correlations
