FNGD vs WING: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Wingstop Inc. (WING) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WING?
On 3 years of weekly data the FNGD/WING correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.29). The 5-year figure is -0.35, and annualized covariance runs at -1228.7 %².
By 3-year correlation, WING places #811 of the 1743 assets tracked against FNGD. The trailing year gives FNGD the advantage: -55.7% versus -67.3%, a 11.6-point spread.
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 WING: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WING (Wingstop Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -67.3% |
| 5-year return | -99.4% | -31.4% |
| Volatility (ann.) | 75.7% | 55.1% |
| Beta vs S&P 500 | -4.54 | 1.29 |
| Max drawdown (3Y) | -97.6% | -74.0% |
| Market cap | – | $3.0B |
| P/E (trailing) | 20.6 | 26.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WING |
|---|---|---|
| 2022 | +52.2% | -17.1% |
| 2023 | -90.1% | +87.3% |
| 2024 | -76.6% | +11.1% |
| 2025 | -61.4% | -15.7% |
| 2026 | -49.5% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WING good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and WING?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.15 over the last year and -0.35 over 5 years.
Is WING a good diversifier for FNGD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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-wing.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-wing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · WING correlations
