FNGD vs IEFA: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares Core MSCI EAFE ETF (IEFA) trade together? Their weekly returns over three years give a correlation of -0.54, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IEFA?
Across a 3-year window, the weekly returns of FNGD and IEFA correlate at -0.54, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.44 versus -0.54 over 3 years. Stretching to 5 years gives -0.60, with an annualized covariance of -607.8 %².
Among the 1743 assets we track against FNGD, IEFA ranks #1636 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IEFA outperformed by 77.5 percentage points (-55.7% for FNGD against +21.8% for IEFA). Risk is not evenly split, since FNGD carries 5.0 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.
FNGD vs IEFA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | -55.7% | +21.8% |
| 5-year return | -99.4% | +54.5% |
| Volatility (ann.) | 75.7% | 15.0% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -13.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 3.35% |
| Expense ratio | – | 0.07% |
| Assets under management | – | $190.1B |
| Sector / category | US Listed | ETF · International |
IEFA, iShares's Foreign Large Blend fund, carries $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | FNGD | IEFA |
|---|---|---|
| 2022 | +52.2% | -15.2% |
| 2023 | -90.1% | +18.0% |
| 2024 | -76.6% | +3.3% |
| 2025 | -61.4% | +32.1% |
| 2026 | -49.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IEFA good diversifiers for each other?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and IEFA?
As of 2026-08-27, the correlation of weekly returns between FNGD and IEFA is -0.54 over 3 years, -0.44 over 1 year and -0.60 over 5 years.
Is IEFA a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · IEFA correlations
