FNGD vs WIT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Wipro Limited (WIT) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WIT?
Over the past 3 years, FNGD and WIT moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -1025.4 %².
Among the 1743 assets we track against FNGD, WIT ranks #1403 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WIT ahead by 20.5 points (-55.7% versus -35.2%). Risk is not evenly split, since FNGD carries 2.3 times the volatility of the other side.
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 WIT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WIT (Wipro Limited) | |
|---|---|---|
| 1-year return | -55.7% | -35.2% |
| 5-year return | -99.4% | -58.2% |
| Volatility (ann.) | 75.7% | 32.7% |
| Beta vs S&P 500 | -4.54 | 0.88 |
| Max drawdown (3Y) | -97.6% | -51.2% |
| Market cap | – | $17.8B |
| P/E (trailing) | 20.6 | 13.8 |
| Dividend yield | 0.00% | 437.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WIT |
|---|---|---|
| 2022 | +52.2% | -51.8% |
| 2023 | -90.1% | +19.8% |
| 2024 | -76.6% | +27.4% |
| 2025 | -61.4% | -16.6% |
| 2026 | -49.5% | -35.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WIT good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WIT?
The FNGD/WIT correlation stands at -0.41 on a 3-year window (1 year: -0.36, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is WIT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-wit.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-wit/)
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Related comparisons
Hubs: FNGD correlations · WIT correlations
