FNGD vs PWCM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PowerCompute, Inc. (PWCM) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PWCM?
Across a 3-year window, the weekly returns of FNGD and PWCM correlate at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.22) sits close to the 3-year figure. Stretching to 5 years gives -0.24, with an annualized covariance of -1961.8 %².
By 3-year correlation, PWCM places #194 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months FNGD outperformed by 40.4 percentage points (-55.7% for FNGD against -96.1% for PWCM). Note the risk asymmetry: PWCM runs 1.5 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 PWCM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PWCM (PowerCompute, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -96.1% |
| 5-year return | -99.4% | -99.8% |
| Volatility (ann.) | 75.7% | 115.8% |
| Beta vs S&P 500 | -4.54 | 2.15 |
| Max drawdown (3Y) | -97.6% | -99.3% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 0.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PWCM |
|---|---|---|
| 2022 | +52.2% | -88.6% |
| 2023 | -90.1% | +11.8% |
| 2024 | -76.6% | -41.9% |
| 2025 | -61.4% | -79.3% |
| 2026 | -49.5% | -88.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PWCM good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PWCM?
As of 2026-08-27, the correlation of weekly returns between FNGD and PWCM is -0.22 over 3 years, -0.22 over 1 year and -0.24 over 5 years.
Is PWCM a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 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
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Related comparisons
Hubs: FNGD correlations · PWCM correlations
