FNGD vs WULF: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TeraWulf Inc. (WULF) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WULF?
Across a 3-year window, the weekly returns of FNGD and WULF correlate at -0.32, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.32 over 3. Stretching to 5 years gives -0.30, with an annualized covariance of -2533.1 %².
Among the 1743 assets we track against FNGD, WULF ranks #1000 by 3-year correlation. The last year tells two different stories: WULF led by 136.3 percentage points, -55.7% for FNGD against +80.6% for WULF.
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 WULF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WULF (TeraWulf Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +80.6% |
| 5-year return | -99.4% | -32.7% |
| Volatility (ann.) | 75.7% | 105.8% |
| Beta vs S&P 500 | -4.54 | 2.76 |
| Max drawdown (3Y) | -97.6% | -74.6% |
| Market cap | – | $8.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WULF |
|---|---|---|
| 2022 | +52.2% | -95.5% |
| 2023 | -90.1% | +258.2% |
| 2024 | -76.6% | +135.8% |
| 2025 | -61.4% | +103.0% |
| 2026 | -49.5% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WULF good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and WULF?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.29 over the last year and -0.30 over 5 years.
Is WULF a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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 · WULF correlations
