FNGD vs TWAV: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TaoWeave, Inc. (TWAV) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TWAV?
Across a 3-year window, the weekly returns of FNGD and TWAV correlate at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. Stretching to 5 years gives -0.18, with an annualized covariance of -1550.7 %².
Within FNGD's tracked universe of 1743 assets, TWAV comes in at #68 by 3-year correlation. Twelve-month performance is nearly a tie, at -55.7% for FNGD and -56.8% for TWAV.
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 TWAV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TWAV (TaoWeave, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -56.8% |
| 5-year return | -99.4% | -99.9% |
| Volatility (ann.) | 75.7% | 108.8% |
| Beta vs S&P 500 | -4.54 | 1.85 |
| Max drawdown (3Y) | -97.6% | -97.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TWAV |
|---|---|---|
| 2022 | +52.2% | -88.3% |
| 2023 | -90.1% | -88.9% |
| 2024 | -76.6% | -51.5% |
| 2025 | -61.4% | -53.4% |
| 2026 | -49.5% | -22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TWAV good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TWAV?
The FNGD/TWAV correlation stands at -0.19 on a 3-year window (1 year: -0.17, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is TWAV a good diversifier for FNGD?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 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.
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Related comparisons
Hubs: FNGD correlations · TWAV correlations
