FNGD vs WFC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Wells Fargo (WFC) 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 WFC?
Over the past 3 years, FNGD and WFC moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.26 over 3 years. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -577.9 %².
Within FNGD's tracked universe of 1743 assets, WFC comes in at #554 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WFC outperformed by 60.9 percentage points (-55.7% for FNGD against +5.2% for WFC). Note the risk asymmetry: FNGD runs 2.5 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 WFC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WFC (Wells Fargo) | |
|---|---|---|
| 1-year return | -55.7% | +5.2% |
| 5-year return | -99.4% | +98.3% |
| Volatility (ann.) | 75.7% | 29.7% |
| Beta vs S&P 500 | -4.54 | 0.98 |
| Max drawdown (3Y) | -97.6% | -24.7% |
| Market cap | – | $256.9B |
| P/E (trailing) | 20.6 | 12.4 |
| Dividend yield | 0.00% | 2.11% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | WFC |
|---|---|---|
| 2022 | +52.2% | -11.9% |
| 2023 | -90.1% | +22.9% |
| 2024 | -76.6% | +46.5% |
| 2025 | -61.4% | +35.6% |
| 2026 | -49.5% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WFC good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and WFC?
As of 2026-08-27, the correlation of weekly returns between FNGD and WFC is -0.26 over 3 years, -0.06 over 1 year and -0.32 over 5 years.
Is WFC a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
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Related comparisons
Hubs: FNGD correlations · WFC correlations
