FNGD vs WT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and WisdomTree, Inc. (WT) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WT?
Over the past 3 years, FNGD and WT moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.41 lands near the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -962.4 %².
Within FNGD's tracked universe of 1743 assets, WT comes in at #1247 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WT outperformed by 142.4 percentage points (-55.7% for FNGD against +86.7% for WT). Note the risk asymmetry: FNGD runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WT (WisdomTree, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +86.7% |
| 5-year return | -99.4% | +330.3% |
| Volatility (ann.) | 75.7% | 34.2% |
| Beta vs S&P 500 | -4.54 | 1.17 |
| Max drawdown (3Y) | -97.6% | -36.9% |
| Market cap | – | $3.8B |
| P/E (trailing) | 20.6 | 44.7 |
| Dividend yield | 0.00% | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WT |
|---|---|---|
| 2022 | +52.2% | -8.9% |
| 2023 | -90.1% | +29.6% |
| 2024 | -76.6% | +53.5% |
| 2025 | -61.4% | +17.4% |
| 2026 | -49.5% | +106.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WT good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WT?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.41 over the last year and -0.37 over 5 years.
Is WT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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-wt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-wt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · WT correlations
