FNGD vs IEMG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares Core MSCI Emerging Markets ETF (IEMG) carry a correlation of -0.58, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IEMG?
On 3 years of weekly data the FNGD/IEMG correlation comes out at -0.58, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.57) sits close to the 3-year figure. The 5-year figure is -0.61, and annualized covariance runs at -765.1 %².
By 3-year correlation, IEMG places #1664 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months IEMG outperformed by 91.7 percentage points (-55.7% for FNGD against +36.0% for IEMG). Risk is not evenly split, since FNGD carries 4.4 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.
FNGD vs IEMG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IEMG (iShares Core MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | -55.7% | +36.0% |
| 5-year return | -99.4% | +50.7% |
| Volatility (ann.) | 75.7% | 17.4% |
| Beta vs S&P 500 | -4.54 | 0.84 |
| Max drawdown (3Y) | -97.6% | -17.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 2.31% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $152.2B |
| Sector / category | US Listed | ETF · International |
IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | FNGD | IEMG |
|---|---|---|
| 2022 | +52.2% | -20.0% |
| 2023 | -90.1% | +11.5% |
| 2024 | -76.6% | +6.5% |
| 2025 | -61.4% | +32.6% |
| 2026 | -49.5% | +23.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IEMG good diversifiers for each other?
By historical standards, yes. A correlation of -0.58 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and IEMG?
Using weekly returns as of 2026-08-27: -0.58 over 3 years, with -0.57 over the last year and -0.61 over 5 years.
Is IEMG a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.58 means the two rarely move for the same reasons.
What does a correlation of -0.58 mean?
On the −1 to +1 scale, -0.58 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-iemg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-iemg/)
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Related comparisons
Hubs: FNGD correlations · IEMG correlations
