FNGD vs WAL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Western Alliance Bancorporation (WAL) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WAL?
On 3 years of weekly data the FNGD/WAL correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.09 versus -0.28 over 3 years. The 5-year figure is -0.28, and annualized covariance runs at -847.9 %².
By 3-year correlation, WAL places #744 of the 1743 assets tracked against FNGD. The last year tells two different stories: WAL led by 46.4 percentage points, -55.7% for FNGD against -9.3% for WAL. One caveat on sizing: FNGD is 1.9 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 WAL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | -55.7% | -9.3% |
| 5-year return | -99.4% | -9.7% |
| Volatility (ann.) | 75.7% | 39.5% |
| Beta vs S&P 500 | -4.54 | 1.51 |
| Max drawdown (3Y) | -97.6% | -36.0% |
| Market cap | – | $8.6B |
| P/E (trailing) | 20.6 | 9.0 |
| Dividend yield | 0.00% | 2.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WAL |
|---|---|---|
| 2022 | +52.2% | -43.7% |
| 2023 | -90.1% | +14.1% |
| 2024 | -76.6% | +29.7% |
| 2025 | -61.4% | +2.5% |
| 2026 | -49.5% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WAL good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WAL?
As of 2026-08-27, the correlation of weekly returns between FNGD and WAL is -0.28 over 3 years, -0.09 over 1 year and -0.28 over 5 years.
Is WAL a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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-wal.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-wal/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · WAL correlations
