EXR vs FNGD: Correlation
How closely do Extra Space Storage (EXR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.16, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXR and FNGD?
Over the past 3 years, EXR and FNGD moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.03) than the 3-year average (-0.16). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -309.3 %².
FNGD is close to the least connected end of EXR's tracked universe, ranking #29 of 33. The last year tells two different stories: EXR led by 61.3 percentage points, +5.6% for EXR against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 2.9 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.
EXR vs FNGD: side by side
| EXR (Extra Space Storage) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +5.6% | -55.7% |
| 5-year return | -6.1% | -99.4% |
| Volatility (ann.) | 26.0% | 75.7% |
| Beta vs S&P 500 | 0.68 | -4.54 |
| Max drawdown (3Y) | -29.4% | -97.6% |
| Market cap | $31.5B | – |
| P/E (trailing) | 31.6 | 20.6 |
| Dividend yield | 4.50% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | EXR | FNGD |
|---|---|---|
| 2022 | -32.8% | +52.2% |
| 2023 | +13.9% | -90.1% |
| 2024 | -2.8% | -76.6% |
| 2025 | -8.9% | -61.4% |
| 2026 | +12.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXR and FNGD good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EXR and FNGD?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with -0.03 over the last year and -0.32 over 5 years.
Is FNGD a good diversifier for EXR?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
A reading of -0.16 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/exr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/exr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXR correlations · FNGD correlations
