ESAB vs FNGD: Correlation
ESAB Corporation (ESAB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESAB and FNGD?
On 3 years of weekly data the ESAB/FNGD correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is -0.38, and annualized covariance runs at -993.1 %².
Out of 13 assets tracked against ESAB, FNGD lands near the bottom at #11. The last year tells two different stories: ESAB led by 23.2 percentage points, -32.5% for ESAB against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ESAB vs FNGD: side by side
| ESAB (ESAB Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -32.5% | -55.7% |
| 5-year return | +60.4% | -99.4% |
| Volatility (ann.) | 36.3% | 75.7% |
| Beta vs S&P 500 | 1.30 | -4.54 |
| Max drawdown (3Y) | -41.6% | -97.6% |
| Market cap | $4.9B | – |
| P/E (trailing) | 25.8 | 20.6 |
| Dividend yield | 0.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESAB | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +85.2% | -90.1% |
| 2024 | +38.9% | -76.6% |
| 2025 | -6.5% | -61.4% |
| 2026 | -29.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESAB and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between ESAB and FNGD?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.30 over the last year and -0.38 over 5 years.
Is FNGD a good diversifier for ESAB?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/esab-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/esab-vs-fngd/)
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Related comparisons
Hubs: ESAB correlations · FNGD correlations
