ENS vs FNGD: Correlation
How closely do EnerSys (ENS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENS and FNGD?
Over the past 3 years, ENS and FNGD moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.30 over 3. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -687.2 %².
Among the 11 assets we track against ENS, FNGD sits near the bottom by co-movement, at rank #9. The last year tells two different stories: ENS led by 143.6 percentage points, +87.9% for ENS against -55.7% for FNGD. One caveat on sizing: FNGD is 2.5 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.
ENS vs FNGD: side by side
| ENS (EnerSys) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +87.9% | -55.7% |
| 5-year return | +131.9% | -99.4% |
| Volatility (ann.) | 30.1% | 75.7% |
| Beta vs S&P 500 | 1.09 | -4.54 |
| Max drawdown (3Y) | -28.2% | -97.6% |
| Market cap | $6.9B | – |
| P/E (trailing) | 20.7 | 20.6 |
| Dividend yield | 0.54% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENS | FNGD |
|---|---|---|
| 2022 | -5.6% | +52.2% |
| 2023 | +37.9% | -90.1% |
| 2024 | -7.6% | -76.6% |
| 2025 | +60.3% | -61.4% |
| 2026 | +30.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENS and FNGD good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ENS and FNGD?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.21 over the last year and -0.43 over 5 years.
Is FNGD a good diversifier for ENS?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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.
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Related comparisons
Hubs: ENS correlations · FNGD correlations
