FNGD vs WAB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Wabtec (WAB) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WAB?
Across a 3-year window, the weekly returns of FNGD and WAB correlate at -0.39, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.39). Stretching to 5 years gives -0.44, with an annualized covariance of -740.5 %².
By 3-year correlation, WAB places #1338 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months WAB outperformed by 108.6 percentage points (-55.7% for FNGD against +52.9% for WAB). One caveat on sizing: FNGD is 3.0 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 WAB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WAB (Wabtec) | |
|---|---|---|
| 1-year return | -55.7% | +52.9% |
| 5-year return | -99.4% | +241.0% |
| Volatility (ann.) | 75.7% | 25.3% |
| Beta vs S&P 500 | -4.54 | 0.99 |
| Max drawdown (3Y) | -97.6% | -23.6% |
| Market cap | – | $50.2B |
| P/E (trailing) | 20.6 | 40.5 |
| Dividend yield | 0.00% | 0.37% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | WAB |
|---|---|---|
| 2022 | +52.2% | +9.1% |
| 2023 | -90.1% | +28.0% |
| 2024 | -76.6% | +50.1% |
| 2025 | -61.4% | +13.2% |
| 2026 | -49.5% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WAB good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WAB?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with 0.01 over the last year and -0.44 over 5 years.
Is WAB a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 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-wab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-wab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · WAB correlations
