FNGD vs WEA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Western Asset Bond Fund Share of Beneficial Interest (WEA) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WEA?
On 3 years of weekly data the FNGD/WEA correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.26 over 3 years. The 5-year figure is -0.35, and annualized covariance runs at -203.4 %².
By 3-year correlation, WEA places #553 of the 1743 assets tracked against FNGD. The last year tells two different stories: WEA led by 57.9 percentage points, -55.7% for FNGD against +2.2% for WEA. One caveat on sizing: FNGD is 7.2 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 WEA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WEA (Western Asset Bond Fund Share of Beneficial Interest) | |
|---|---|---|
| 1-year return | -55.7% | +2.2% |
| 5-year return | -99.4% | +4.5% |
| Volatility (ann.) | 75.7% | 10.5% |
| Beta vs S&P 500 | -4.54 | 0.29 |
| Max drawdown (3Y) | -97.6% | -11.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 12.6 |
| Dividend yield | 0.00% | 4.03% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WEA |
|---|---|---|
| 2022 | +52.2% | -20.2% |
| 2023 | -90.1% | +9.6% |
| 2024 | -76.6% | +7.7% |
| 2025 | -61.4% | +10.6% |
| 2026 | -49.5% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WEA good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WEA?
The FNGD/WEA correlation stands at -0.26 on a 3-year window (1 year: -0.38, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is WEA a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 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-wea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-wea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · WEA correlations
