FNGD vs GWRE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Guidewire Software, Inc. (GWRE) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GWRE?
On 3 years of weekly data the FNGD/GWRE correlation comes out at -0.34, 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. The 5-year figure is -0.46, and annualized covariance runs at -1168.8 %².
Within FNGD's tracked universe of 1743 assets, GWRE comes in at #1085 by 3-year correlation. The last year tells two different stories: GWRE led by 48.6 percentage points, -55.7% for FNGD against -7.1% for GWRE. Note the risk asymmetry: FNGD runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GWRE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GWRE (Guidewire Software, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -7.1% |
| 5-year return | -99.4% | +68.2% |
| Volatility (ann.) | 75.7% | 45.6% |
| Beta vs S&P 500 | -4.54 | 0.83 |
| Max drawdown (3Y) | -97.6% | -60.8% |
| Market cap | – | $16.7B |
| P/E (trailing) | 20.6 | 103.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GWRE |
|---|---|---|
| 2022 | +52.2% | -44.9% |
| 2023 | -90.1% | +74.3% |
| 2024 | -76.6% | +54.6% |
| 2025 | -61.4% | +19.2% |
| 2026 | -49.5% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GWRE good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GWRE?
The FNGD/GWRE correlation stands at -0.34 on a 3-year window (1 year: -0.32, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is GWRE a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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/fngd-vs-gwre.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gwre/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GWRE correlations
