FNGD vs TWI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Titan International, Inc. (DE) (TWI) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TWI?
On 3 years of weekly data the FNGD/TWI correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.06) than the 3-year average (-0.19). The 5-year figure is -0.20, and annualized covariance runs at -705.4 %².
Within FNGD's tracked universe of 1743 assets, TWI comes in at #69 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TWI ahead by 32.8 points (-55.7% versus -22.9%). Risk is not evenly split, since FNGD carries 1.6 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 TWI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TWI (Titan International, Inc. (DE)) | |
|---|---|---|
| 1-year return | -55.7% | -22.9% |
| 5-year return | -99.4% | -16.4% |
| Volatility (ann.) | 75.7% | 48.0% |
| Beta vs S&P 500 | -4.54 | 1.38 |
| Max drawdown (3Y) | -97.6% | -58.5% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TWI |
|---|---|---|
| 2022 | +52.2% | +39.8% |
| 2023 | -90.1% | -2.9% |
| 2024 | -76.6% | -54.4% |
| 2025 | -61.4% | +15.3% |
| 2026 | -49.5% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TWI good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TWI?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with 0.06 over the last year and -0.20 over 5 years.
Is TWI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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-twi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-twi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · TWI correlations
