FNGD vs MWA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MUELLER WATER PRODUCTS (MWA) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MWA?
On 3 years of weekly data the FNGD/MWA correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.01) runs above the 3-year figure (-0.29). The 5-year figure is -0.39, and annualized covariance runs at -700.1 %².
By 3-year correlation, MWA places #785 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months MWA outperformed by 47.3 percentage points (-55.7% for FNGD against -8.4% for MWA). One caveat on sizing: FNGD is 2.4 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 MWA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MWA (MUELLER WATER PRODUCTS) | |
|---|---|---|
| 1-year return | -55.7% | -8.4% |
| 5-year return | -99.4% | +59.7% |
| Volatility (ann.) | 75.7% | 31.5% |
| Beta vs S&P 500 | -4.54 | 0.96 |
| Max drawdown (3Y) | -97.6% | -19.2% |
| Market cap | – | $3.9B |
| P/E (trailing) | 20.6 | 17.4 |
| Dividend yield | 0.00% | 1.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MWA |
|---|---|---|
| 2022 | +52.2% | -23.8% |
| 2023 | -90.1% | +36.3% |
| 2024 | -76.6% | +58.4% |
| 2025 | -61.4% | +7.0% |
| 2026 | -49.5% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MWA good diversifiers for each other?
Yes. With a correlation of -0.29, FNGD and MWA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MWA?
The FNGD/MWA correlation stands at -0.29 on a 3-year window (1 year: -0.01, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is MWA a good diversifier for FNGD?
Yes. With a correlation of -0.29, FNGD and MWA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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-mwa.json
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Related comparisons
Hubs: FNGD correlations · MWA correlations
