EXPO vs FNGD: Correlation
How closely do Exponent, Inc. (EXPO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXPO and FNGD?
Over the past 3 years, EXPO and FNGD moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.23 over 3 years. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -546.3 %².
Out of 13 assets tracked against EXPO, FNGD lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months EXPO outperformed by 54.9 percentage points (-0.8% for EXPO 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.
EXPO vs FNGD: side by side
| EXPO (Exponent, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -0.8% | -55.7% |
| 5-year return | -35.2% | -99.4% |
| Volatility (ann.) | 31.7% | 75.7% |
| Beta vs S&P 500 | 0.84 | -4.54 |
| Max drawdown (3Y) | -52.4% | -97.6% |
| Market cap | $3.4B | – |
| P/E (trailing) | 31.9 | 20.6 |
| Dividend yield | 1.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXPO | FNGD |
|---|---|---|
| 2022 | -14.3% | +52.2% |
| 2023 | -10.1% | -90.1% |
| 2024 | +2.4% | -76.6% |
| 2025 | -20.8% | -61.4% |
| 2026 | +3.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXPO and FNGD good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EXPO and FNGD?
As of 2026-08-27, the correlation of weekly returns between EXPO and FNGD is -0.23 over 3 years, -0.05 over 1 year and -0.31 over 5 years.
Is FNGD a good diversifier for EXPO?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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/expo-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/expo-vs-fngd/)
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Related comparisons
Hubs: EXPO correlations · FNGD correlations
