FNGD vs TWST: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Twist Bioscience Corporation (TWST) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TWST?
Over the past 3 years, FNGD and TWST 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 -0.15 versus -0.31 over 3 years. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -1815.1 %².
By 3-year correlation, TWST places #927 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with TWST ahead by 518.8 points (-55.7% versus +463.1%).
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 TWST: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TWST (Twist Bioscience Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +463.1% |
| 5-year return | -99.4% | +39.8% |
| Volatility (ann.) | 75.7% | 76.1% |
| Beta vs S&P 500 | -4.54 | 2.21 |
| Max drawdown (3Y) | -97.6% | -59.0% |
| Market cap | – | $9.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TWST |
|---|---|---|
| 2022 | +52.2% | -69.2% |
| 2023 | -90.1% | +54.8% |
| 2024 | -76.6% | +26.1% |
| 2025 | -61.4% | -31.7% |
| 2026 | -49.5% | +382.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TWST good diversifiers for each other?
Yes. With a correlation of -0.31, FNGD and TWST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TWST?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.15 over the last year and -0.41 over 5 years.
Is TWST a good diversifier for FNGD?
Yes. With a correlation of -0.31, FNGD and TWST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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-twst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-twst/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · TWST correlations
