FNGD vs WAY: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Waystar Holding Corp. (WAY) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WAY?
On 3 years of weekly data the FNGD/WAY correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -1194.4 %².
By 3-year correlation, WAY places #1166 of the 1743 assets tracked against FNGD. The last year tells two different stories: WAY led by 23.6 percentage points, -55.7% for FNGD against -32.1% for WAY. Risk is not evenly split, since FNGD carries 1.7 times the volatility of the other side.
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 WAY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -32.1% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 43.8% |
| Beta vs S&P 500 | -4.54 | 1.07 |
| Max drawdown (3Y) | -97.6% | -61.8% |
| Market cap | – | $4.8B |
| P/E (trailing) | 20.6 | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WAY |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | -10.8% |
| 2026 | -49.5% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WAY good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WAY?
As of 2026-08-27, the correlation of weekly returns between FNGD and WAY is -0.35 over 3 years, -0.29 over 1 year and n/a over 5 years.
Is WAY a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · WAY correlations
