FNGD vs ZWS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Zurn Elkay Water Solutions Corporation (ZWS) 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 ZWS?
On 3 years of weekly data the FNGD/ZWS correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.28). The 5-year figure is -0.40, and annualized covariance runs at -597.3 %².
By 3-year correlation, ZWS places #747 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with ZWS ahead by 61.0 points (-55.7% versus +5.3%). 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 ZWS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ZWS (Zurn Elkay Water Solutions Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +5.3% |
| 5-year return | -99.4% | +71.6% |
| Volatility (ann.) | 75.7% | 27.7% |
| Beta vs S&P 500 | -4.54 | 0.89 |
| Max drawdown (3Y) | -97.6% | -30.2% |
| Market cap | – | $8.1B |
| P/E (trailing) | 20.6 | 30.5 |
| Dividend yield | 0.00% | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ZWS |
|---|---|---|
| 2022 | +52.2% | -41.5% |
| 2023 | -90.1% | +40.6% |
| 2024 | -76.6% | +28.1% |
| 2025 | -61.4% | +25.8% |
| 2026 | -49.5% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ZWS good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and ZWS?
The FNGD/ZWS correlation stands at -0.28 on a 3-year window (1 year: 0.01, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is ZWS a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-zws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-zws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ZWS correlations
