FNGD vs GWW: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and W. W. Grainger (GWW) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GWW?
Across a 3-year window, the weekly returns of FNGD and GWW correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.09 versus -0.28 over 3 years. Stretching to 5 years gives -0.36, with an annualized covariance of -497.4 %².
By 3-year correlation, GWW places #693 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with GWW ahead by 86.7 points (-55.7% versus +31.0%). One caveat on sizing: FNGD is 3.2 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 GWW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GWW (W. W. Grainger) | |
|---|---|---|
| 1-year return | -55.7% | +31.0% |
| 5-year return | -99.4% | +219.4% |
| Volatility (ann.) | 75.7% | 23.3% |
| Beta vs S&P 500 | -4.54 | 0.74 |
| Max drawdown (3Y) | -97.6% | -24.5% |
| Market cap | – | $62.2B |
| P/E (trailing) | 20.6 | 34.0 |
| Dividend yield | 0.00% | 0.69% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | GWW |
|---|---|---|
| 2022 | +52.2% | +8.7% |
| 2023 | -90.1% | +50.5% |
| 2024 | -76.6% | +28.2% |
| 2025 | -61.4% | -3.4% |
| 2026 | -49.5% | +31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GWW 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 FNGD and GWW?
As of 2026-08-27, the correlation of weekly returns between FNGD and GWW is -0.28 over 3 years, 0.09 over 1 year and -0.36 over 5 years.
Is GWW a good diversifier for FNGD?
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?
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/fngd-vs-gww.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gww/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GWW correlations
