EXLS vs FNGD: Correlation
How closely do ExlService Holdings, Inc. (EXLS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXLS and FNGD?
Across a 3-year window, the weekly returns of EXLS and FNGD correlate at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.30). Stretching to 5 years gives -0.34, with an annualized covariance of -721.6 %².
Among the 47 assets we track against EXLS, FNGD sits near the bottom by co-movement, at rank #46. Their recent paths diverged sharply: over the last 12 months EXLS outperformed by 42.3 percentage points (-13.4% for EXLS 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.
EXLS vs FNGD: side by side
| EXLS (ExlService Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -13.4% | -55.7% |
| 5-year return | +55.2% | -99.4% |
| Volatility (ann.) | 31.7% | 75.7% |
| Beta vs S&P 500 | 0.77 | -4.54 |
| Max drawdown (3Y) | -51.3% | -97.6% |
| Market cap | $5.8B | – |
| P/E (trailing) | 23.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXLS | FNGD |
|---|---|---|
| 2022 | +17.0% | +52.2% |
| 2023 | -9.0% | -90.1% |
| 2024 | +43.9% | -76.6% |
| 2025 | -4.4% | -61.4% |
| 2026 | -10.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and FNGD good diversifiers for each other?
Yes. With a correlation of -0.30, EXLS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EXLS and FNGD?
The EXLS/FNGD correlation stands at -0.30 on a 3-year window (1 year: -0.19, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EXLS?
Yes. With a correlation of -0.30, EXLS 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.
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Related comparisons
Hubs: EXLS correlations · FNGD correlations
