ARWR vs FNGD: Correlation
Arrowhead Pharmaceuticals, Inc. (ARWR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARWR and FNGD?
Across a 3-year window, the weekly returns of ARWR and FNGD correlate at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Stretching to 5 years gives -0.35, with an annualized covariance of -1839.8 %².
FNGD is close to the least connected end of ARWR's tracked universe, ranking #10 of 12. The last year tells two different stories: ARWR led by 362.3 percentage points, +306.6% for ARWR against -55.7% for FNGD.
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.
ARWR vs FNGD: side by side
| ARWR (Arrowhead Pharmaceuticals, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +306.6% | -55.7% |
| 5-year return | +32.5% | -99.4% |
| Volatility (ann.) | 65.8% | 75.7% |
| Beta vs S&P 500 | 2.19 | -4.54 |
| Max drawdown (3Y) | -74.7% | -97.6% |
| Market cap | $12.5B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARWR | FNGD |
|---|---|---|
| 2022 | -38.8% | +52.2% |
| 2023 | -24.6% | -90.1% |
| 2024 | -38.6% | -76.6% |
| 2025 | +253.1% | -61.4% |
| 2026 | +33.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARWR and FNGD good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARWR and FNGD?
The ARWR/FNGD correlation stands at -0.37 on a 3-year window (1 year: -0.34, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ARWR?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 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/arwr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arwr-vs-fngd/)
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Related comparisons
Hubs: ARWR correlations · FNGD correlations
