FNGD vs TEI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Templeton Emerging Markets Income Fund, Inc. (TEI) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TEI?
Over the past 3 years, FNGD and TEI moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -443.3 %².
Within FNGD's tracked universe of 1743 assets, TEI comes in at #1243 by 3-year correlation. The last year tells two different stories: TEI led by 83.0 percentage points, -55.7% for FNGD against +27.3% for TEI. Risk is not evenly split, since FNGD carries 4.8 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 TEI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TEI (Templeton Emerging Markets Income Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +27.3% |
| 5-year return | -99.4% | +54.4% |
| Volatility (ann.) | 75.7% | 15.8% |
| Beta vs S&P 500 | -4.54 | 0.58 |
| Max drawdown (3Y) | -97.6% | -14.5% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 3.4 |
| Dividend yield | 0.00% | 8.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TEI |
|---|---|---|
| 2022 | +52.2% | -15.5% |
| 2023 | -90.1% | +3.8% |
| 2024 | -76.6% | +11.9% |
| 2025 | -61.4% | +45.6% |
| 2026 | -49.5% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TEI good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TEI?
As of 2026-08-27, the correlation of weekly returns between FNGD and TEI is -0.37 over 3 years, -0.43 over 1 year and -0.36 over 5 years.
Is TEI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 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/fngd-vs-tei.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-tei/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · TEI correlations
