ACWI vs FNGD: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.80, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and FNGD?
Across a 3-year window, the weekly returns of ACWI and FNGD correlate at -0.80, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.75 lands near the 3-year figure. Stretching to 5 years gives -0.80, with an annualized covariance of -836.6 %².
Among the 119 assets we track against ACWI, FNGD sits near the bottom by co-movement, at rank #118. Correlation aside, the last 12 months split them widely, with ACWI ahead by 78.4 points (+22.7% versus -55.7%). One caveat on sizing: FNGD is 5.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ACWI vs FNGD: side by side
| ACWI (iShares MSCI ACWI ETF) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +22.7% | -55.7% |
| 5-year return | +69.0% | -99.4% |
| Volatility (ann.) | 13.8% | 75.7% |
| Beta vs S&P 500 | 0.92 | -4.54 |
| Max drawdown (3Y) | -16.5% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 1.44% | 0.00% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | US Listed |
ACWI is a Global Large-Stock Blend fund from iShares: $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield.
Year-by-year returns
| Year | ACWI | FNGD |
|---|---|---|
| 2022 | -18.4% | +52.2% |
| 2023 | +22.3% | -90.1% |
| 2024 | +17.4% | -76.6% |
| 2025 | +22.4% | -61.4% |
| 2026 | +14.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and FNGD good diversifiers for each other?
Yes: at -0.80, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ACWI and FNGD?
As of 2026-08-27, the correlation of weekly returns between ACWI and FNGD is -0.80 over 3 years, -0.75 over 1 year and -0.80 over 5 years.
Is FNGD a good diversifier for ACWI?
Yes: at -0.80, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.80 mean?
On the −1 to +1 scale, -0.80 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
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Related comparisons
Hubs: ACWI correlations · FNGD correlations
