FNGD vs PWP: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Perella Weinberg Partners (PWP) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PWP?
Over the past 3 years, FNGD and PWP moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.31 over 3 years. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -944.5 %².
Within FNGD's tracked universe of 1743 assets, PWP comes in at #915 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PWP outperformed by 32.4 percentage points (-55.7% for FNGD against -23.3% for PWP). Risk is not evenly split, since FNGD carries 1.9 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 PWP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PWP (Perella Weinberg Partners) | |
|---|---|---|
| 1-year return | -55.7% | -23.3% |
| 5-year return | -99.4% | +35.6% |
| Volatility (ann.) | 75.7% | 40.0% |
| Beta vs S&P 500 | -4.54 | 1.36 |
| Max drawdown (3Y) | -97.6% | -43.1% |
| Market cap | – | $1.7B |
| P/E (trailing) | 20.6 | 62.8 |
| Dividend yield | 0.00% | 1.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PWP |
|---|---|---|
| 2022 | +52.2% | -21.2% |
| 2023 | -90.1% | +28.4% |
| 2024 | -76.6% | +98.2% |
| 2025 | -61.4% | -26.5% |
| 2026 | -49.5% | -1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PWP good diversifiers for each other?
Yes. With a correlation of -0.31, FNGD and PWP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PWP?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.10 over the last year and -0.33 over 5 years.
Is PWP a good diversifier for FNGD?
Yes. With a correlation of -0.31, FNGD and PWP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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-pwp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-pwp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · PWP correlations
