FNGD vs WMS: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Advanced Drainage Systems, Inc. (WMS) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WMS?
Across a 3-year window, the weekly returns of FNGD and WMS correlate at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.16) runs above the 3-year figure (-0.33). Stretching to 5 years gives -0.44, with an annualized covariance of -929.8 %².
Within FNGD's tracked universe of 1743 assets, WMS comes in at #1061 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WMS ahead by 51.3 points (-55.7% versus -4.4%). Risk is not evenly split, since FNGD carries 2.0 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 WMS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WMS (Advanced Drainage Systems, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -4.4% |
| 5-year return | -99.4% | +22.1% |
| Volatility (ann.) | 75.7% | 37.1% |
| Beta vs S&P 500 | -4.54 | 1.31 |
| Max drawdown (3Y) | -97.6% | -45.8% |
| Market cap | – | $10.5B |
| P/E (trailing) | 20.6 | 23.6 |
| Dividend yield | 0.00% | 0.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WMS |
|---|---|---|
| 2022 | +52.2% | -39.5% |
| 2023 | -90.1% | +72.4% |
| 2024 | -76.6% | -17.5% |
| 2025 | -61.4% | +26.0% |
| 2026 | -49.5% | -3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WMS good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and WMS?
The FNGD/WMS correlation stands at -0.33 on a 3-year window (1 year: -0.16, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is WMS a good diversifier for FNGD?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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-wms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-wms/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · WMS correlations
