FNGD vs FWONA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Liberty Media Corporation - Series A Liberty Formula One (FWONA) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FWONA?
Over the past 3 years, FNGD and FWONA moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -522.1 %².
Within FNGD's tracked universe of 1743 assets, FWONA comes in at #596 by 3-year correlation. The last year tells two different stories: FWONA led by 60.4 percentage points, -55.7% for FNGD against +4.7% for FWONA. One caveat on sizing: FNGD is 3.0 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.
FNGD vs FWONA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FWONA (Liberty Media Corporation - Series A Liberty Formula One) | |
|---|---|---|
| 1-year return | -55.7% | +4.7% |
| 5-year return | -99.4% | +116.6% |
| Volatility (ann.) | 75.7% | 25.1% |
| Beta vs S&P 500 | -4.54 | 0.58 |
| Max drawdown (3Y) | -97.6% | -25.7% |
| Market cap | – | $23.6B |
| P/E (trailing) | 20.6 | 117.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FWONA |
|---|---|---|
| 2022 | +52.2% | -10.0% |
| 2023 | -90.1% | +13.3% |
| 2024 | -76.6% | +44.9% |
| 2025 | -61.4% | +6.4% |
| 2026 | -49.5% | +5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FWONA 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 FNGD and FWONA?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.32 over the last year and -0.40 over 5 years.
Is FWONA a good diversifier for FNGD?
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: FNGD correlations · FWONA correlations
