FNGD vs VWO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Vanguard FTSE Emerging Markets ETF (VWO) show a negative relationship: their 3-year correlation of weekly returns is -0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VWO?
On 3 years of weekly data the FNGD/VWO correlation comes out at -0.57, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.57 lands near the 3-year figure. The 5-year figure is -0.61, and annualized covariance runs at -660.6 %².
By 3-year correlation, VWO places #1660 of the 1743 assets tracked against FNGD. The last year tells two different stories: VWO led by 77.3 percentage points, -55.7% for FNGD against +21.6% for VWO. One caveat on sizing: FNGD is 5.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VWO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | -55.7% | +21.6% |
| 5-year return | -99.4% | +38.2% |
| Volatility (ann.) | 75.7% | 15.2% |
| Beta vs S&P 500 | -4.54 | 0.75 |
| Max drawdown (3Y) | -97.6% | -17.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 2.36% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $162.0B |
| Sector / category | US Listed | ETF · International |
On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Year-by-year returns
| Year | FNGD | VWO |
|---|---|---|
| 2022 | +52.2% | -18.0% |
| 2023 | -90.1% | +9.3% |
| 2024 | -76.6% | +10.6% |
| 2025 | -61.4% | +25.6% |
| 2026 | -49.5% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VWO good diversifiers for each other?
Yes. With a correlation of -0.57, FNGD and VWO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and VWO?
As of 2026-08-27, the correlation of weekly returns between FNGD and VWO is -0.57 over 3 years, -0.57 over 1 year and -0.61 over 5 years.
Is VWO a good diversifier for FNGD?
Yes. With a correlation of -0.57, FNGD and VWO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.57 mean?
A reading of -0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · VWO correlations
