EW vs FNGD: Correlation
Edwards Lifesciences (EW) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EW and FNGD?
On 3 years of weekly data the EW/FNGD correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.23) runs above the 3-year figure (-0.34). The 5-year figure is -0.46, and annualized covariance runs at -823.0 %².
FNGD is close to the least connected end of EW's tracked universe, ranking #29 of 30. Their recent paths diverged sharply: over the last 12 months EW outperformed by 66.9 percentage points (+11.2% for EW against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.4 times the volatility of the other side.
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.
EW vs FNGD: side by side
| EW (Edwards Lifesciences) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +11.2% | -55.7% |
| 5-year return | -23.8% | -99.4% |
| Volatility (ann.) | 31.6% | 75.7% |
| Beta vs S&P 500 | 0.81 | -4.54 |
| Max drawdown (3Y) | -37.5% | -97.6% |
| Market cap | $51.8B | – |
| P/E (trailing) | 54.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | EW | FNGD |
|---|---|---|
| 2022 | -42.4% | +52.2% |
| 2023 | +2.2% | -90.1% |
| 2024 | -2.9% | -76.6% |
| 2025 | +15.2% | -61.4% |
| 2026 | +5.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EW and FNGD good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EW and FNGD?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.23 over the last year and -0.46 over 5 years.
Is FNGD a good diversifier for EW?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
A reading of -0.34 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: EW correlations · FNGD correlations
