EWBC vs FNGD: Correlation
East West Bancorp, Inc. (EWBC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWBC and FNGD?
Across a 3-year window, the weekly returns of EWBC and FNGD correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.03) runs above the 3-year figure (-0.22). Stretching to 5 years gives -0.32, with an annualized covariance of -499.2 %².
Out of 13 assets tracked against EWBC, FNGD lands near the bottom at #11. The last year tells two different stories: EWBC led by 80.7 percentage points, +25.0% for EWBC against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 2.5 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.
EWBC vs FNGD: side by side
| EWBC (East West Bancorp, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +25.0% | -55.7% |
| 5-year return | +103.5% | -99.4% |
| Volatility (ann.) | 30.2% | 75.7% |
| Beta vs S&P 500 | 1.03 | -4.54 |
| Max drawdown (3Y) | -35.8% | -97.6% |
| Market cap | $17.8B | – |
| P/E (trailing) | 12.5 | 20.6 |
| Dividend yield | 2.15% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EWBC | FNGD |
|---|---|---|
| 2022 | -14.4% | +52.2% |
| 2023 | +12.8% | -90.1% |
| 2024 | +36.8% | -76.6% |
| 2025 | +20.3% | -61.4% |
| 2026 | +17.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWBC and FNGD good diversifiers for each other?
Yes. With a correlation of -0.22, EWBC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EWBC and FNGD?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.03 over the last year and -0.32 over 5 years.
Is FNGD a good diversifier for EWBC?
Yes. With a correlation of -0.22, EWBC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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
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Related comparisons
Hubs: EWBC correlations · FNGD correlations
