FNGD vs WMG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Warner Music Group Corp. (WMG) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WMG?
Across a 3-year window, the weekly returns of FNGD and WMG correlate at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -811.5 %².
Within FNGD's tracked universe of 1743 assets, WMG comes in at #1167 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WMG ahead by 41.0 points (-55.7% versus -14.7%). One caveat on sizing: FNGD is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WMG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WMG (Warner Music Group Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -14.7% |
| 5-year return | -99.4% | -16.9% |
| Volatility (ann.) | 75.7% | 30.7% |
| Beta vs S&P 500 | -4.54 | 0.91 |
| Max drawdown (3Y) | -97.6% | -33.1% |
| Market cap | – | $14.7B |
| P/E (trailing) | 20.6 | 22.4 |
| Dividend yield | 0.00% | 2.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WMG |
|---|---|---|
| 2022 | +52.2% | -17.2% |
| 2023 | -90.1% | +4.4% |
| 2024 | -76.6% | -11.5% |
| 2025 | -61.4% | +1.4% |
| 2026 | -49.5% | -6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WMG good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WMG?
The FNGD/WMG correlation stands at -0.35 on a 3-year window (1 year: -0.35, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is WMG a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 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-wmg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-wmg/)
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Related comparisons
Hubs: FNGD correlations · WMG correlations
