ESI vs FNGD: Correlation
Element Solutions Inc. (ESI) 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 ESI and FNGD?
Over the past 3 years, ESI and FNGD moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.40 over 3 years. Over 5 years the correlation is -0.50, and the annualized covariance of weekly returns is -991.5 %².
FNGD is close to the least connected end of ESI's tracked universe, ranking #16 of 18. Correlation aside, the last 12 months split them widely, with ESI ahead by 99.0 points (+43.3% versus -55.7%). One caveat on sizing: FNGD is 2.3 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.
ESI vs FNGD: side by side
| ESI (Element Solutions Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +43.3% | -55.7% |
| 5-year return | +67.5% | -99.4% |
| Volatility (ann.) | 32.8% | 75.7% |
| Beta vs S&P 500 | 1.26 | -4.54 |
| Max drawdown (3Y) | -40.0% | -97.6% |
| Market cap | $8.9B | – |
| P/E (trailing) | 49.4 | 20.6 |
| Dividend yield | 0.89% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESI | FNGD |
|---|---|---|
| 2022 | -23.9% | +52.2% |
| 2023 | +29.3% | -90.1% |
| 2024 | +11.3% | -76.6% |
| 2025 | -0.4% | -61.4% |
| 2026 | +46.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESI and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between ESI and FNGD?
The ESI/FNGD correlation stands at -0.40 on a 3-year window (1 year: -0.23, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ESI?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
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/esi-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/esi-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESI correlations · FNGD correlations
