ENVA vs FNGD: Correlation
How closely do Enova International, Inc. (ENVA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVA and FNGD?
Over the past 3 years, ENVA and FNGD moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.15 versus -0.28 over 3 years. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -848.9 %².
Out of 16 assets tracked against ENVA, FNGD lands near the bottom at #14. The last year tells two different stories: ENVA led by 153.8 percentage points, +98.1% for ENVA against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 1.9 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.
ENVA vs FNGD: side by side
| ENVA (Enova International, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +98.1% | -55.7% |
| 5-year return | +622.4% | -99.4% |
| Volatility (ann.) | 40.6% | 75.7% |
| Beta vs S&P 500 | 1.27 | -4.54 |
| Max drawdown (3Y) | -30.0% | -97.6% |
| Market cap | $5.9B | – |
| P/E (trailing) | 17.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENVA | FNGD |
|---|---|---|
| 2022 | -6.3% | +52.2% |
| 2023 | +44.3% | -90.1% |
| 2024 | +73.2% | -76.6% |
| 2025 | +64.0% | -61.4% |
| 2026 | +51.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between ENVA and FNGD?
As of 2026-08-27, the correlation of weekly returns between ENVA and FNGD is -0.28 over 3 years, -0.15 over 1 year and -0.37 over 5 years.
Is FNGD a good diversifier for ENVA?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 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
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Related comparisons
Hubs: ENVA correlations · FNGD correlations
