ESRT vs FNGD: Correlation
How closely do Empire State Realty Trust, Inc. (ESRT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESRT and FNGD?
On 3 years of weekly data the ESRT/FNGD correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. The 5-year figure is -0.26, and annualized covariance runs at -452.0 %².
Out of 11 assets tracked against ESRT, FNGD lands near the bottom at #9. The last year tells two different stories: ESRT led by 18.1 percentage points, -37.6% for ESRT against -55.7% for FNGD. One caveat on sizing: FNGD is 2.4 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.
ESRT vs FNGD: side by side
| ESRT (Empire State Realty Trust, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -37.6% | -55.7% |
| 5-year return | -50.4% | -99.4% |
| Volatility (ann.) | 31.0% | 75.7% |
| Beta vs S&P 500 | 0.87 | -4.54 |
| Max drawdown (3Y) | -58.1% | -97.6% |
| Market cap | $1.4B | – |
| P/E (trailing) | 232.0 | 20.6 |
| Dividend yield | 2.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESRT | FNGD |
|---|---|---|
| 2022 | -22.8% | +52.2% |
| 2023 | +46.3% | -90.1% |
| 2024 | +8.0% | -76.6% |
| 2025 | -35.7% | -61.4% |
| 2026 | -27.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESRT and FNGD good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ESRT and FNGD?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.17 over the last year and -0.26 over 5 years.
Is FNGD a good diversifier for ESRT?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/esrt-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/esrt-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESRT correlations · FNGD correlations
