FNGD vs NWSA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and News Corp (Class A) (NWSA) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NWSA?
On 3 years of weekly data the FNGD/NWSA correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.31) than the 3-year average (-0.42). The 5-year figure is -0.48, and annualized covariance runs at -735.8 %².
Within FNGD's tracked universe of 1743 assets, NWSA comes in at #1425 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NWSA outperformed by 61.7 percentage points (-55.7% for FNGD against +6.0% for NWSA). Note the risk asymmetry: FNGD runs 3.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NWSA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NWSA (News Corp (Class A)) | |
|---|---|---|
| 1-year return | -55.7% | +6.0% |
| 5-year return | -99.4% | +45.9% |
| Volatility (ann.) | 75.7% | 23.4% |
| Beta vs S&P 500 | -4.54 | 0.76 |
| Max drawdown (3Y) | -97.6% | -27.8% |
| Market cap | – | $16.8B |
| P/E (trailing) | 20.6 | 30.0 |
| Dividend yield | 0.00% | 0.65% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGD | NWSA |
|---|---|---|
| 2022 | +52.2% | -17.6% |
| 2023 | -90.1% | +36.4% |
| 2024 | -76.6% | +13.0% |
| 2025 | -61.4% | -4.5% |
| 2026 | -49.5% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NWSA good diversifiers for each other?
Yes. With a correlation of -0.42, FNGD and NWSA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NWSA?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.31 over the last year and -0.48 over 5 years.
Is NWSA a good diversifier for FNGD?
Yes. With a correlation of -0.42, FNGD and NWSA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
A reading of -0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nwsa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-nwsa/)
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Related comparisons
Hubs: FNGD correlations · NWSA correlations
