EWJ vs FNGD: Correlation
Measured on weekly returns over the past three years, iShares MSCI Japan ETF (EWJ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.55, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and FNGD?
On 3 years of weekly data the EWJ/FNGD correlation comes out at -0.55, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.42) than the 3-year average (-0.55). The 5-year figure is -0.59, and annualized covariance runs at -817.8 %².
Among the 70 assets we track against EWJ, FNGD sits near the bottom by co-movement, at rank #68. The last year tells two different stories: EWJ led by 82.8 percentage points, +27.1% for EWJ against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 3.9 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.
EWJ vs FNGD: side by side
| EWJ (iShares MSCI Japan ETF) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +27.1% | -55.7% |
| 5-year return | +58.6% | -99.4% |
| Volatility (ann.) | 19.6% | 75.7% |
| Beta vs S&P 500 | 0.94 | -4.54 |
| Max drawdown (3Y) | -14.7% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 3.86% | 0.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $21.8B | – |
| Sector / category | ETF · International | US Listed |
EWJ is a Japan Stock fund from iShares: $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Year-by-year returns
| Year | EWJ | FNGD |
|---|---|---|
| 2022 | -17.7% | +52.2% |
| 2023 | +20.3% | -90.1% |
| 2024 | +7.0% | -76.6% |
| 2025 | +25.8% | -61.4% |
| 2026 | +19.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and FNGD good diversifiers for each other?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EWJ and FNGD?
Using weekly returns as of 2026-08-27: -0.55 over 3 years, with -0.42 over the last year and -0.59 over 5 years.
Is FNGD a good diversifier for EWJ?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.55 mean?
A reading of -0.55 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: EWJ correlations · FNGD correlations
