FNGD vs FXI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares China Large-Cap ETF (FXI) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FXI?
Over the past 3 years, FNGD and FXI moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -532.7 %².
Among the 1743 assets we track against FNGD, FXI ranks #689 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FXI ahead by 49.6 points (-55.7% versus -6.1%). Note the risk asymmetry: FNGD runs 3.0 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.
FNGD vs FXI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FXI (iShares China Large-Cap ETF) | |
|---|---|---|
| 1-year return | -55.7% | -6.1% |
| 5-year return | -99.4% | -1.4% |
| Volatility (ann.) | 75.7% | 25.3% |
| Beta vs S&P 500 | -4.54 | 0.68 |
| Max drawdown (3Y) | -97.6% | -23.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.87% |
| Expense ratio | – | 0.73% |
| Assets under management | – | $4.3B |
| Sector / category | US Listed | ETF · International |
FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Year-by-year returns
| Year | FNGD | FXI |
|---|---|---|
| 2022 | +52.2% | -20.7% |
| 2023 | -90.1% | -12.4% |
| 2024 | -76.6% | +29.0% |
| 2025 | -61.4% | +28.9% |
| 2026 | -49.5% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FXI good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and FXI?
As of 2026-08-27, the correlation of weekly returns between FNGD and FXI is -0.28 over 3 years, -0.29 over 1 year and -0.40 over 5 years.
Is FXI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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/fngd-vs-fxi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-fxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · FXI correlations
