FNGD vs SHW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sherwin-Williams (SHW) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SHW?
On 3 years of weekly data the FNGD/SHW correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.24). The 5-year figure is -0.36, and annualized covariance runs at -439.5 %².
Within FNGD's tracked universe of 1743 assets, SHW comes in at #365 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SHW outperformed by 50.6 percentage points (-55.7% for FNGD against -5.1% for SHW). 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 SHW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | -55.7% | -5.1% |
| 5-year return | -99.4% | +18.3% |
| Volatility (ann.) | 75.7% | 24.6% |
| Beta vs S&P 500 | -4.54 | 0.79 |
| Max drawdown (3Y) | -97.6% | -25.7% |
| Market cap | – | $83.8B |
| P/E (trailing) | 20.6 | 31.8 |
| Dividend yield | 0.00% | 0.91% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FNGD | SHW |
|---|---|---|
| 2022 | +52.2% | -32.0% |
| 2023 | -90.1% | +32.7% |
| 2024 | -76.6% | +9.9% |
| 2025 | -61.4% | -3.8% |
| 2026 | -49.5% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SHW good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and SHW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SHW?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.11 over the last year and -0.36 over 5 years.
Is SHW a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and SHW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SHW correlations
