FNGD vs WEAV: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Weave Communications, Inc. (WEAV) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WEAV?
Across a 3-year window, the weekly returns of FNGD and WEAV correlate at -0.36, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.16) runs above the 3-year figure (-0.36). Stretching to 5 years gives -0.39, with an annualized covariance of -1591.7 %².
Among the 1743 assets we track against FNGD, WEAV ranks #1208 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WEAV outperformed by 49.9 percentage points (-55.7% for FNGD against -5.8% for WEAV).
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 WEAV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WEAV (Weave Communications, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -5.8% |
| 5-year return | -99.4% | -61.1% |
| Volatility (ann.) | 75.7% | 58.9% |
| Beta vs S&P 500 | -4.54 | 1.62 |
| Max drawdown (3Y) | -97.6% | -74.9% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WEAV |
|---|---|---|
| 2022 | +52.2% | -69.8% |
| 2023 | -90.1% | +150.4% |
| 2024 | -76.6% | +38.8% |
| 2025 | -61.4% | -52.3% |
| 2026 | -49.5% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WEAV good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and WEAV?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.16 over the last year and -0.39 over 5 years.
Is WEAV a good diversifier for FNGD?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 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
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Related comparisons
Hubs: FNGD correlations · WEAV correlations
