ERO vs FNGD: Correlation
Ero Copper Corp. (ERO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERO and FNGD?
Over the past 3 years, ERO and FNGD moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -1580.3 %².
Out of 10 assets tracked against ERO, FNGD lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months ERO outperformed by 230.1 percentage points (+174.4% for ERO 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.
ERO vs FNGD: side by side
| ERO (Ero Copper Corp.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +174.4% | -55.7% |
| 5-year return | +110.6% | -99.4% |
| Volatility (ann.) | 54.7% | 75.7% |
| Beta vs S&P 500 | 1.53 | -4.54 |
| Max drawdown (3Y) | -59.7% | -97.6% |
| Market cap | $4.2B | – |
| P/E (trailing) | 13.3 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERO | FNGD |
|---|---|---|
| 2022 | -10.1% | +52.2% |
| 2023 | +14.8% | -90.1% |
| 2024 | -14.6% | -76.6% |
| 2025 | +109.9% | -61.4% |
| 2026 | +40.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERO and FNGD good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ERO and FNGD?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.40 over the last year and -0.35 over 5 years.
Is FNGD a good diversifier for ERO?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
A reading of -0.38 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/ero-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ero-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ERO correlations · FNGD correlations
