CHWY vs FNGD: Correlation
How closely do Chewy, Inc. (CHWY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHWY and FNGD?
Over the past 3 years, CHWY and FNGD moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.27). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -1066.0 %².
Among the 11 assets we track against CHWY, FNGD sits near the bottom by co-movement, at rank #10. Over the last 12 months CHWY came out ahead by 12.1 percentage points (-43.6% against -55.7%).
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.
CHWY vs FNGD: side by side
| CHWY (Chewy, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -43.6% | -55.7% |
| 5-year return | -74.7% | -99.4% |
| Volatility (ann.) | 51.6% | 75.7% |
| Beta vs S&P 500 | 1.00 | -4.54 |
| Max drawdown (3Y) | -63.7% | -97.6% |
| Market cap | $9.3B | – |
| P/E (trailing) | 38.0 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHWY | FNGD |
|---|---|---|
| 2022 | -37.1% | +52.2% |
| 2023 | -36.3% | -90.1% |
| 2024 | +41.7% | -76.6% |
| 2025 | -1.3% | -61.4% |
| 2026 | -31.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHWY and FNGD good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CHWY and FNGD?
The CHWY/FNGD correlation stands at -0.27 on a 3-year window (1 year: -0.14, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CHWY?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CHWY correlations · FNGD correlations
