EXK vs FNGD: Correlation
Measured on weekly returns over the past three years, Endeavour Silver Corporation (EXK) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXK and FNGD?
On 3 years of weekly data the EXK/FNGD correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. The 5-year figure is -0.25, and annualized covariance runs at -1661.6 %².
FNGD is close to the least connected end of EXK's tracked universe, ranking #15 of 16. Their recent paths diverged sharply: over the last 12 months EXK outperformed by 145.9 percentage points (+90.2% for EXK against -55.7% for FNGD).
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.
EXK vs FNGD: side by side
| EXK (Endeavour Silver Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +90.2% | -55.7% |
| 5-year return | +146.7% | -99.4% |
| Volatility (ann.) | 74.1% | 75.7% |
| Beta vs S&P 500 | 1.93 | -4.54 |
| Max drawdown (3Y) | -51.3% | -97.6% |
| Market cap | $3.3B | – |
| P/E (trailing) | 53.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXK | FNGD |
|---|---|---|
| 2022 | -23.2% | +52.2% |
| 2023 | -39.2% | -90.1% |
| 2024 | +85.8% | -76.6% |
| 2025 | +156.8% | -61.4% |
| 2026 | +20.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXK and FNGD good diversifiers for each other?
Yes. With a correlation of -0.30, EXK and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EXK and FNGD?
As of 2026-08-27, the correlation of weekly returns between EXK and FNGD is -0.30 over 3 years, -0.37 over 1 year and -0.25 over 5 years.
Is FNGD a good diversifier for EXK?
Yes. With a correlation of -0.30, EXK and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/exk-vs-fngd.json
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[](https://www.pairbook.io/pair/exk-vs-fngd/)
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Related comparisons
Hubs: EXK correlations · FNGD correlations
