EWTX vs FNGD: Correlation
Edgewise Therapeutics, Inc. (EWTX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWTX and FNGD?
Over the past 3 years, EWTX and FNGD moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.28). Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -1676.3 %².
FNGD is close to the least connected end of EWTX's tracked universe, ranking #8 of 10. Their recent paths diverged sharply: over the last 12 months EWTX outperformed by 261.5 percentage points (+205.8% for EWTX 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.
EWTX vs FNGD: side by side
| EWTX (Edgewise Therapeutics, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +205.8% | -55.7% |
| 5-year return | +194.6% | -99.4% |
| Volatility (ann.) | 77.7% | 75.7% |
| Beta vs S&P 500 | 2.04 | -4.54 |
| Max drawdown (3Y) | -68.8% | -97.6% |
| Market cap | $4.8B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EWTX | FNGD |
|---|---|---|
| 2022 | -41.5% | +52.2% |
| 2023 | +22.4% | -90.1% |
| 2024 | +144.1% | -76.6% |
| 2025 | -7.1% | -61.4% |
| 2026 | +78.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWTX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between EWTX and FNGD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.13 over the last year and -0.28 over 5 years.
Is FNGD a good diversifier for EWTX?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/ewtx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewtx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EWTX correlations · FNGD correlations
