EQIX vs FNGD: Correlation
Equinix (EQIX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQIX and FNGD?
Over the past 3 years, EQIX and FNGD moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.00) runs above the 3-year figure (-0.23). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -429.7 %².
FNGD is close to the least connected end of EQIX's tracked universe, ranking #28 of 30. Correlation aside, the last 12 months split them widely, with EQIX ahead by 94.8 points (+39.1% versus -55.7%). One caveat on sizing: FNGD is 3.1 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.
EQIX vs FNGD: side by side
| EQIX (Equinix) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +39.1% | -55.7% |
| 5-year return | +41.6% | -99.4% |
| Volatility (ann.) | 24.4% | 75.7% |
| Beta vs S&P 500 | 0.63 | -4.54 |
| Max drawdown (3Y) | -24.6% | -97.6% |
| Market cap | $106.2B | – |
| P/E (trailing) | 69.4 | 20.6 |
| Dividend yield | 1.82% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | EQIX | FNGD |
|---|---|---|
| 2022 | -21.1% | +52.2% |
| 2023 | +25.4% | -90.1% |
| 2024 | +19.5% | -76.6% |
| 2025 | -16.9% | -61.4% |
| 2026 | +42.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQIX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQIX and FNGD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.00 over the last year and -0.36 over 5 years.
Is FNGD a good diversifier for EQIX?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
A reading of -0.23 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/eqix-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqix-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EQIX correlations · FNGD correlations
