FNGD vs WDAY: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Workday, Inc. (WDAY) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WDAY?
Across a 3-year window, the weekly returns of FNGD and WDAY correlate at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.40 over 3. Stretching to 5 years gives -0.54, with an annualized covariance of -1221.8 %².
Among the 1743 assets we track against FNGD, WDAY ranks #1371 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WDAY ahead by 40.0 points (-55.7% versus -15.7%). Note the risk asymmetry: FNGD runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WDAY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -15.7% |
| 5-year return | -99.4% | -28.7% |
| Volatility (ann.) | 75.7% | 40.0% |
| Beta vs S&P 500 | -4.54 | 1.09 |
| Max drawdown (3Y) | -97.6% | -63.4% |
| Market cap | – | $47.8B |
| P/E (trailing) | 20.6 | 59.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | WDAY |
|---|---|---|
| 2022 | +52.2% | -38.7% |
| 2023 | -90.1% | +65.0% |
| 2024 | -76.6% | -6.5% |
| 2025 | -61.4% | -16.8% |
| 2026 | -49.5% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WDAY good diversifiers for each other?
Yes. With a correlation of -0.40, FNGD and WDAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and WDAY?
The FNGD/WDAY correlation stands at -0.40 on a 3-year window (1 year: -0.34, 5 years: -0.54), computed from weekly returns as of 2026-08-27.
Is WDAY a good diversifier for FNGD?
Yes. With a correlation of -0.40, FNGD and WDAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · WDAY correlations
