FNGD vs W: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Wayfair Inc. (W) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and W?
On 3 years of weekly data the FNGD/W correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. The 5-year figure is -0.54, and annualized covariance runs at -2226.5 %².
By 3-year correlation, W places #1488 of the 1743 assets tracked against FNGD. The last year tells two different stories: W led by 96.7 percentage points, -55.7% for FNGD against +41.0% for W.
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 W: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | W (Wayfair Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +41.0% |
| 5-year return | -99.4% | -64.0% |
| Volatility (ann.) | 75.7% | 67.1% |
| Beta vs S&P 500 | -4.54 | 2.50 |
| Max drawdown (3Y) | -97.6% | -67.7% |
| Market cap | – | $14.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | W |
|---|---|---|
| 2022 | +52.2% | -82.7% |
| 2023 | -90.1% | +87.6% |
| 2024 | -76.6% | -28.2% |
| 2025 | -61.4% | +126.6% |
| 2026 | -49.5% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and W good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and W?
As of 2026-08-27, the correlation of weekly returns between FNGD and W is -0.44 over 3 years, -0.40 over 1 year and -0.54 over 5 years.
Is W a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 mean?
A reading of -0.44 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-w.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-w/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · W correlations
