FNGD vs WHD: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Cactus, Inc. (WHD) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WHD?
Across a 3-year window, the weekly returns of FNGD and WHD correlate at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.13 lands near the 3-year figure. Stretching to 5 years gives -0.21, with an annualized covariance of -668.6 %².
By 3-year correlation, WHD places #144 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months WHD outperformed by 121.8 percentage points (-55.7% for FNGD against +66.1% for WHD). Note the risk asymmetry: FNGD runs 1.8 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 WHD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WHD (Cactus, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +66.1% |
| 5-year return | -99.4% | +89.5% |
| Volatility (ann.) | 75.7% | 41.2% |
| Beta vs S&P 500 | -4.54 | 1.11 |
| Max drawdown (3Y) | -97.6% | -51.4% |
| Market cap | – | $4.8B |
| P/E (trailing) | 20.6 | 55.7 |
| Dividend yield | 0.00% | 0.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WHD |
|---|---|---|
| 2022 | +52.2% | +33.0% |
| 2023 | -90.1% | -8.7% |
| 2024 | -76.6% | +29.7% |
| 2025 | -61.4% | -20.8% |
| 2026 | -49.5% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WHD good diversifiers for each other?
Yes. With a correlation of -0.21, FNGD and WHD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and WHD?
The FNGD/WHD correlation stands at -0.21 on a 3-year window (1 year: -0.13, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is WHD a good diversifier for FNGD?
Yes. With a correlation of -0.21, FNGD and WHD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · WHD correlations
