FNGD vs THW: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and abrdn World Healthcare Fund Shares of Beneficial Interest (THW) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and THW?
On 3 years of weekly data the FNGD/THW correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.28 over 3 years. The 5-year figure is -0.37, and annualized covariance runs at -452.0 %².
Among the 1743 assets we track against FNGD, THW ranks #736 by 3-year correlation. The last year tells two different stories: THW led by 89.4 percentage points, -55.7% for FNGD against +33.7% for THW. Note the risk asymmetry: FNGD runs 3.5 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 THW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | THW (abrdn World Healthcare Fund Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | -55.7% | +33.7% |
| 5-year return | -99.4% | +40.2% |
| Volatility (ann.) | 75.7% | 21.4% |
| Beta vs S&P 500 | -4.54 | 0.75 |
| Max drawdown (3Y) | -97.6% | -25.4% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | 6.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | THW |
|---|---|---|
| 2022 | +52.2% | -1.2% |
| 2023 | -90.1% | -11.5% |
| 2024 | -76.6% | +5.4% |
| 2025 | -61.4% | +31.1% |
| 2026 | -49.5% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and THW good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and THW?
The FNGD/THW correlation stands at -0.28 on a 3-year window (1 year: -0.40, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is THW a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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
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Related comparisons
Hubs: FNGD correlations · THW correlations
