EQX vs FNGD: Correlation
Measured on weekly returns over the past three years, Equinox Gold Corp. (EQX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQX and FNGD?
Across a 3-year window, the weekly returns of EQX and FNGD correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.27). Stretching to 5 years gives -0.33, with an annualized covariance of -1166.5 %².
Among the 16 assets we track against EQX, FNGD sits near the bottom by co-movement, at rank #15. The last year tells two different stories: EQX led by 120.4 percentage points, +64.7% for EQX against -55.7% for FNGD.
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.
EQX vs FNGD: side by side
| EQX (Equinox Gold Corp.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +64.7% | -55.7% |
| 5-year return | +98.0% | -99.4% |
| Volatility (ann.) | 56.6% | 75.7% |
| Beta vs S&P 500 | 1.19 | -4.54 |
| Max drawdown (3Y) | -54.0% | -97.6% |
| Market cap | $15.7B | – |
| P/E (trailing) | 21.0 | 20.6 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQX | FNGD |
|---|---|---|
| 2022 | -51.5% | +52.2% |
| 2023 | +49.1% | -90.1% |
| 2024 | +2.7% | -76.6% |
| 2025 | +179.7% | -61.4% |
| 2026 | -3.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQX and FNGD?
The EQX/FNGD correlation stands at -0.27 on a 3-year window (1 year: -0.44, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EQX?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqx-vs-fngd/)
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Related comparisons
Hubs: EQX correlations · FNGD correlations
