EXP vs FNGD: Correlation
Measured on weekly returns over the past three years, Eagle Materials Inc (EXP) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXP and FNGD?
Over the past 3 years, EXP and FNGD moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.34). Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -897.7 %².
FNGD is close to the least connected end of EXP's tracked universe, ranking #22 of 24. Correlation aside, the last 12 months split them widely, with EXP ahead by 40.0 points (-15.7% versus -55.7%). Note the risk asymmetry: FNGD runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EXP vs FNGD: side by side
| EXP (Eagle Materials Inc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -15.7% | -55.7% |
| 5-year return | +29.5% | -99.4% |
| Volatility (ann.) | 34.8% | 75.7% |
| Beta vs S&P 500 | 1.21 | -4.54 |
| Max drawdown (3Y) | -44.7% | -97.6% |
| Market cap | $6.1B | – |
| P/E (trailing) | 15.6 | 20.6 |
| Dividend yield | 0.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXP | FNGD |
|---|---|---|
| 2022 | -19.6% | +52.2% |
| 2023 | +53.6% | -90.1% |
| 2024 | +22.1% | -76.6% |
| 2025 | -15.9% | -61.4% |
| 2026 | -4.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXP and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between EXP and FNGD?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.10 over the last year and -0.39 over 5 years.
Is FNGD a good diversifier for EXP?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/exp-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/exp-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXP correlations · FNGD correlations
