FNGD vs WTFC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Wintrust Financial Corporation (WTFC) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WTFC?
Across a 3-year window, the weekly returns of FNGD and WTFC correlate at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.02) than the 3-year average (-0.28). Stretching to 5 years gives -0.30, with an annualized covariance of -576.0 %².
Among the 1743 assets we track against FNGD, WTFC ranks #745 by 3-year correlation. The last year tells two different stories: WTFC led by 68.4 percentage points, -55.7% for FNGD against +12.7% for WTFC. One caveat on sizing: FNGD is 2.7 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 WTFC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WTFC (Wintrust Financial Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +12.7% |
| 5-year return | -99.4% | +127.7% |
| Volatility (ann.) | 75.7% | 27.6% |
| Beta vs S&P 500 | -4.54 | 1.06 |
| Max drawdown (3Y) | -97.6% | -31.0% |
| Market cap | – | $10.3B |
| P/E (trailing) | 20.6 | 12.3 |
| Dividend yield | 0.00% | 1.37% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WTFC |
|---|---|---|
| 2022 | +52.2% | -5.5% |
| 2023 | -90.1% | +12.0% |
| 2024 | -76.6% | +36.8% |
| 2025 | -61.4% | +13.9% |
| 2026 | -49.5% | +10.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WTFC good diversifiers for each other?
Yes. With a correlation of -0.28, FNGD and WTFC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and WTFC?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with 0.02 over the last year and -0.30 over 5 years.
Is WTFC a good diversifier for FNGD?
Yes. With a correlation of -0.28, FNGD and WTFC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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.
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Related comparisons
Hubs: FNGD correlations · WTFC correlations
