FNGD vs WBD: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Warner Bros. Discovery (WBD) trade together? Their weekly returns over three years give a correlation of -0.15, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WBD?
Across a 3-year window, the weekly returns of FNGD and WBD correlate at -0.15, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.12) sits close to the 3-year figure. Stretching to 5 years gives -0.26, with an annualized covariance of -622.5 %².
Within FNGD's tracked universe of 1743 assets, WBD comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WBD outperformed by 193.4 percentage points (-55.7% for FNGD against +137.7% for WBD).
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 WBD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | -55.7% | +137.7% |
| 5-year return | -99.4% | +3.7% |
| Volatility (ann.) | 75.7% | 54.7% |
| Beta vs S&P 500 | -4.54 | 1.19 |
| Max drawdown (3Y) | -97.6% | -48.9% |
| Market cap | – | $72.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGD | WBD |
|---|---|---|
| 2022 | +52.2% | -59.7% |
| 2023 | -90.1% | +20.0% |
| 2024 | -76.6% | -7.1% |
| 2025 | -61.4% | +172.7% |
| 2026 | -49.5% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WBD good diversifiers for each other?
Yes: at -0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and WBD?
Using weekly returns as of 2026-08-27: -0.15 over 3 years, with -0.12 over the last year and -0.26 over 5 years.
Is WBD a good diversifier for FNGD?
Yes: at -0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.15 mean?
A reading of -0.15 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-wbd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-wbd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · WBD correlations
