FNGD vs WDC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Western Digital (WDC) carry a correlation of -0.46, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WDC?
On 3 years of weekly data the FNGD/WDC correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.31) than the 3-year average (-0.46). The 5-year figure is -0.47, and annualized covariance runs at -2032.7 %².
By 3-year correlation, WDC places #1525 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months WDC outperformed by 530.0 percentage points (-55.7% for FNGD against +474.3% for WDC).
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 WDC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WDC (Western Digital) | |
|---|---|---|
| 1-year return | -55.7% | +474.3% |
| 5-year return | -99.4% | +889.2% |
| Volatility (ann.) | 75.7% | 58.0% |
| Beta vs S&P 500 | -4.54 | 2.15 |
| Max drawdown (3Y) | -97.6% | -49.6% |
| Market cap | – | $166.6B |
| P/E (trailing) | 20.6 | 17.4 |
| Dividend yield | 0.00% | 0.11% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | WDC |
|---|---|---|
| 2022 | +52.2% | -51.6% |
| 2023 | -90.1% | +66.0% |
| 2024 | -76.6% | +13.9% |
| 2025 | -61.4% | +283.7% |
| 2026 | -49.5% | +168.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WDC good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WDC?
As of 2026-08-27, the correlation of weekly returns between FNGD and WDC is -0.46 over 3 years, -0.31 over 1 year and -0.47 over 5 years.
Is WDC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 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-wdc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-wdc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · WDC correlations
