AAMI vs FNGD: Correlation
How closely do Acadian Asset Management Inc. (AAMI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAMI and FNGD?
On 3 years of weekly data the AAMI/FNGD correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. The 5-year figure is -0.43, and annualized covariance runs at -992.8 %².
Among the 12 assets we track against AAMI, FNGD sits near the bottom by co-movement, at rank #10. The last year tells two different stories: AAMI led by 148.6 percentage points, +92.9% for AAMI against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 2.3 times the volatility of the other side.
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.
AAMI vs FNGD: side by side
| AAMI (Acadian Asset Management Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +92.9% | -55.7% |
| 5-year return | +260.9% | -99.4% |
| Volatility (ann.) | 33.4% | 75.7% |
| Beta vs S&P 500 | 1.30 | -4.54 |
| Max drawdown (3Y) | -26.5% | -97.6% |
| Market cap | $3.5B | – |
| P/E (trailing) | 33.8 | 20.6 |
| Dividend yield | 0.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAMI | FNGD |
|---|---|---|
| 2022 | -19.4% | +52.2% |
| 2023 | -6.7% | -90.1% |
| 2024 | +37.7% | -76.6% |
| 2025 | +78.6% | -61.4% |
| 2026 | +107.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAMI and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between AAMI and FNGD?
The AAMI/FNGD correlation stands at -0.39 on a 3-year window (1 year: -0.35, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AAMI?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: AAMI correlations · FNGD correlations
