ESP vs FNGD: Correlation
Espey Mfg. & Electronics Corp. (ESP) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESP and FNGD?
Over the past 3 years, ESP and FNGD moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.25). Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -813.5 %².
Among the 10 assets we track against ESP, FNGD sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months ESP outperformed by 95.4 percentage points (+39.7% for ESP against -55.7% for FNGD). One caveat on sizing: FNGD is 1.8 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.
ESP vs FNGD: side by side
| ESP (Espey Mfg. & Electronics Corp.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +39.7% | -55.7% |
| 5-year return | +393.3% | -99.4% |
| Volatility (ann.) | 42.3% | 75.7% |
| Beta vs S&P 500 | 0.97 | -4.54 |
| Max drawdown (3Y) | -29.1% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 16.6 | 20.6 |
| Dividend yield | 2.78% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESP | FNGD |
|---|---|---|
| 2022 | -0.1% | +52.2% |
| 2023 | +35.5% | -90.1% |
| 2024 | +66.8% | -76.6% |
| 2025 | +63.3% | -61.4% |
| 2026 | +35.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESP and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between ESP and FNGD?
The ESP/FNGD correlation stands at -0.25 on a 3-year window (1 year: -0.12, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ESP?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ESP correlations · FNGD correlations
