FNGD vs IWM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares Russell 2000 ETF (IWM) show a negative relationship: their 3-year correlation of weekly returns is -0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IWM?
Across a 3-year window, the weekly returns of FNGD and IWM correlate at -0.52, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.49 over 1 year against -0.52 over 3. Stretching to 5 years gives -0.61, with an annualized covariance of -786.6 %².
By 3-year correlation, IWM places #1617 of the 1743 assets tracked against FNGD. The last year tells two different stories: IWM led by 84.1 percentage points, -55.7% for FNGD against +28.4% for IWM. One caveat on sizing: FNGD is 3.8 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 IWM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -55.7% | +28.4% |
| 5-year return | -99.4% | +41.5% |
| Volatility (ann.) | 75.7% | 19.8% |
| Beta vs S&P 500 | -4.54 | 1.06 |
| Max drawdown (3Y) | -97.6% | -27.5% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | FNGD | IWM |
|---|---|---|
| 2022 | +52.2% | -20.5% |
| 2023 | -90.1% | +16.8% |
| 2024 | -76.6% | +11.4% |
| 2025 | -61.4% | +12.7% |
| 2026 | -49.5% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IWM good diversifiers for each other?
Yes. With a correlation of -0.52, FNGD and IWM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IWM?
Using weekly returns as of 2026-08-27: -0.52 over 3 years, with -0.49 over the last year and -0.61 over 5 years.
Is IWM a good diversifier for FNGD?
Yes. With a correlation of -0.52, FNGD and IWM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.52 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-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · IWM correlations
