FNGD vs WRBY: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Warby Parker Inc. (WRBY) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WRBY?
Across a 3-year window, the weekly returns of FNGD and WRBY correlate at -0.27, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -1264.3 %².
By 3-year correlation, WRBY places #648 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with WRBY ahead by 51.0 points (-55.7% versus -4.7%).
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 WRBY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WRBY (Warby Parker Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -4.7% |
| 5-year return | -99.4% | -53.6% |
| Volatility (ann.) | 75.7% | 62.2% |
| Beta vs S&P 500 | -4.54 | 1.49 |
| Max drawdown (3Y) | -97.6% | -50.7% |
| Market cap | – | $3.1B |
| P/E (trailing) | 20.6 | 421.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WRBY |
|---|---|---|
| 2022 | +52.2% | -71.0% |
| 2023 | -90.1% | +4.5% |
| 2024 | -76.6% | +71.7% |
| 2025 | -61.4% | -10.0% |
| 2026 | -49.5% | +16.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WRBY good diversifiers for each other?
Yes. With a correlation of -0.27, FNGD and WRBY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and WRBY?
The FNGD/WRBY correlation stands at -0.27 on a 3-year window (1 year: -0.19, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is WRBY a good diversifier for FNGD?
Yes. With a correlation of -0.27, FNGD and WRBY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 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-wrby.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-wrby/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · WRBY correlations
