FNGD vs WTS: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Watts Water Technologies, Inc. (WTS) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WTS?
Across a 3-year window, the weekly returns of FNGD and WTS correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.15 versus -0.30 over 3 years. Stretching to 5 years gives -0.39, with an annualized covariance of -557.2 %².
By 3-year correlation, WTS places #875 of the 1743 assets tracked against FNGD. The last year tells two different stories: WTS led by 87.6 percentage points, -55.7% for FNGD against +31.9% for WTS. Note the risk asymmetry: FNGD runs 3.1 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 WTS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WTS (Watts Water Technologies, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +31.9% |
| 5-year return | -99.4% | +125.4% |
| Volatility (ann.) | 75.7% | 24.6% |
| Beta vs S&P 500 | -4.54 | 0.89 |
| Max drawdown (3Y) | -97.6% | -19.5% |
| Market cap | – | $12.4B |
| P/E (trailing) | 20.6 | 32.5 |
| Dividend yield | 0.00% | 0.58% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WTS |
|---|---|---|
| 2022 | +52.2% | -24.1% |
| 2023 | -90.1% | +43.6% |
| 2024 | -76.6% | -1.6% |
| 2025 | -61.4% | +36.8% |
| 2026 | -49.5% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WTS good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WTS?
The FNGD/WTS correlation stands at -0.30 on a 3-year window (1 year: -0.15, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is WTS a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · WTS correlations
