FNGD vs MDWD: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MediWound Ltd. (MDWD) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MDWD?
Across a 3-year window, the weekly returns of FNGD and MDWD correlate at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.25). Stretching to 5 years gives -0.21, with an annualized covariance of -978.0 %².
By 3-year correlation, MDWD places #434 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months MDWD outperformed by 33.6 percentage points (-55.7% for FNGD against -22.1% for MDWD).
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 MDWD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MDWD (MediWound Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | -22.1% |
| 5-year return | -99.4% | -47.2% |
| Volatility (ann.) | 75.7% | 51.6% |
| Beta vs S&P 500 | -4.54 | 0.98 |
| Max drawdown (3Y) | -97.6% | -42.9% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MDWD |
|---|---|---|
| 2022 | +52.2% | -18.3% |
| 2023 | -90.1% | -24.6% |
| 2024 | -76.6% | +75.0% |
| 2025 | -61.4% | +3.7% |
| 2026 | -49.5% | -28.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MDWD good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MDWD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.10 over the last year and -0.21 over 5 years.
Is MDWD a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-mdwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mdwd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MDWD correlations
