AA vs FNGD: Correlation
Alcoa Corporation (AA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AA and FNGD?
On 3 years of weekly data the AA/FNGD correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.22) runs above the 3-year figure (-0.33). The 5-year figure is -0.38, and annualized covariance runs at -1262.9 %².
Among the 12 assets we track against AA, FNGD sits near the bottom by co-movement, at rank #10. The last year tells two different stories: AA led by 117.9 percentage points, +62.2% for AA against -55.7% for FNGD.
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.
AA vs FNGD: side by side
| AA (Alcoa Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +62.2% | -55.7% |
| 5-year return | +22.3% | -99.4% |
| Volatility (ann.) | 50.8% | 75.7% |
| Beta vs S&P 500 | 1.71 | -4.54 |
| Max drawdown (3Y) | -52.3% | -97.6% |
| Market cap | $13.5B | – |
| P/E (trailing) | 10.3 | 20.6 |
| Dividend yield | 0.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AA | FNGD |
|---|---|---|
| 2022 | -23.1% | +52.2% |
| 2023 | -24.3% | -90.1% |
| 2024 | +12.4% | -76.6% |
| 2025 | +42.5% | -61.4% |
| 2026 | -3.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AA and FNGD good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AA and FNGD?
As of 2026-08-27, the correlation of weekly returns between AA and FNGD is -0.33 over 3 years, -0.22 over 1 year and -0.38 over 5 years.
Is FNGD a good diversifier for AA?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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: AA correlations · FNGD correlations
