FNGD vs NWS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and News Corp (Class B) (NWS) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NWS?
On 3 years of weekly data the FNGD/NWS correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.31) runs above the 3-year figure (-0.42). The 5-year figure is -0.46, and annualized covariance runs at -782.4 %².
Within FNGD's tracked universe of 1743 assets, NWS comes in at #1424 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NWS outperformed by 60.0 percentage points (-55.7% for FNGD against +4.3% for NWS). Risk is not evenly split, since FNGD carries 3.1 times the volatility of the other side.
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 NWS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NWS (News Corp (Class B)) | |
|---|---|---|
| 1-year return | -55.7% | +4.3% |
| 5-year return | -99.4% | +67.8% |
| Volatility (ann.) | 75.7% | 24.5% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -26.8% |
| Market cap | – | $19.0B |
| P/E (trailing) | 20.6 | 34.3 |
| Dividend yield | 0.00% | 0.57% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGD | NWS |
|---|---|---|
| 2022 | +52.2% | -17.2% |
| 2023 | -90.1% | +41.0% |
| 2024 | -76.6% | +19.2% |
| 2025 | -61.4% | -2.0% |
| 2026 | -49.5% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NWS good diversifiers for each other?
Yes. With a correlation of -0.42, FNGD and NWS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NWS?
As of 2026-08-27, the correlation of weekly returns between FNGD and NWS is -0.42 over 3 years, -0.31 over 1 year and -0.46 over 5 years.
Is NWS a good diversifier for FNGD?
Yes. With a correlation of -0.42, FNGD and NWS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 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-nws.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-nws/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NWS correlations
