ENVX vs FNGD: Correlation
Enovix Corporation (ENVX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVX and FNGD?
Across a 3-year window, the weekly returns of ENVX and FNGD correlate at -0.40, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.45) sits close to the 3-year figure. Stretching to 5 years gives -0.45, with an annualized covariance of -2679.5 %².
Among the 22 assets we track against ENVX, FNGD sits near the bottom by co-movement, at rank #22. The trailing year gives FNGD the advantage: -65.9% versus -55.7%, a 10.2-point spread.
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.
ENVX vs FNGD: side by side
| ENVX (Enovix Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -65.9% | -55.7% |
| 5-year return | -76.8% | -99.4% |
| Volatility (ann.) | 88.0% | 75.7% |
| Beta vs S&P 500 | 2.61 | -4.54 |
| Max drawdown (3Y) | -82.9% | -97.6% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENVX | FNGD |
|---|---|---|
| 2022 | -54.4% | +52.2% |
| 2023 | +0.6% | -90.1% |
| 2024 | -13.2% | -76.6% |
| 2025 | -32.8% | -61.4% |
| 2026 | -50.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVX and FNGD good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ENVX and FNGD?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.45 over the last year and -0.45 over 5 years.
Is FNGD a good diversifier for ENVX?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/envx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/envx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ENVX correlations · FNGD correlations
