FNGD vs WSC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and WillScot Holdings Corporation (WSC) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WSC?
On 3 years of weekly data the FNGD/WSC correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.26) than the 3-year average (-0.40). The 5-year figure is -0.38, and annualized covariance runs at -1382.4 %².
Within FNGD's tracked universe of 1743 assets, WSC comes in at #1372 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WSC outperformed by 40.8 percentage points (-55.7% for FNGD against -14.9% for WSC). Risk is not evenly split, since FNGD carries 1.6 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 WSC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WSC (WillScot Holdings Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -14.9% |
| 5-year return | -99.4% | -27.7% |
| Volatility (ann.) | 75.7% | 45.9% |
| Beta vs S&P 500 | -4.54 | 1.72 |
| Max drawdown (3Y) | -97.6% | -70.7% |
| Market cap | – | $3.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WSC |
|---|---|---|
| 2022 | +52.2% | +10.6% |
| 2023 | -90.1% | -1.5% |
| 2024 | -76.6% | -24.8% |
| 2025 | -61.4% | -43.1% |
| 2026 | -49.5% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WSC good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WSC?
The FNGD/WSC correlation stands at -0.40 on a 3-year window (1 year: -0.26, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is WSC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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
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Related comparisons
Hubs: FNGD correlations · WSC correlations
