FNGD vs WWD: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Woodward, Inc. (WWD) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and WWD?
Across a 3-year window, the weekly returns of FNGD and WWD correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.00 versus -0.27 over 3 years. Stretching to 5 years gives -0.32, with an annualized covariance of -683.0 %².
By 3-year correlation, WWD places #649 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with WWD ahead by 94.9 points (-55.7% versus +39.2%). One caveat on sizing: FNGD is 2.3 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 WWD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | WWD (Woodward, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +39.2% |
| 5-year return | -99.4% | +191.7% |
| Volatility (ann.) | 75.7% | 33.5% |
| Beta vs S&P 500 | -4.54 | 1.09 |
| Max drawdown (3Y) | -97.6% | -23.6% |
| Market cap | – | $20.4B |
| P/E (trailing) | 20.6 | 38.5 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | WWD |
|---|---|---|
| 2022 | +52.2% | -11.1% |
| 2023 | -90.1% | +42.0% |
| 2024 | -76.6% | +23.0% |
| 2025 | -61.4% | +82.6% |
| 2026 | -49.5% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and WWD good diversifiers for each other?
Yes. With a correlation of -0.27, FNGD and WWD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and WWD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.00 over the last year and -0.32 over 5 years.
Is WWD a good diversifier for FNGD?
Yes. With a correlation of -0.27, FNGD and WWD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-wwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-wwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · WWD correlations
