AAON vs FNGD: Correlation
How closely do AAON, Inc. (AAON) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAON and FNGD?
On 3 years of weekly data the AAON/FNGD correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.38 over 3. The 5-year figure is -0.35, and annualized covariance runs at -1595.8 %².
Out of 11 assets tracked against AAON, FNGD lands near the bottom at #11. The last year tells two different stories: AAON led by 48.3 percentage points, -7.4% for AAON 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.
AAON vs FNGD: side by side
| AAON (AAON, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -7.4% | -55.7% |
| 5-year return | +73.5% | -99.4% |
| Volatility (ann.) | 54.9% | 75.7% |
| Beta vs S&P 500 | 1.58 | -4.54 |
| Max drawdown (3Y) | -48.9% | -97.6% |
| Market cap | $6.4B | – |
| P/E (trailing) | 42.0 | 20.6 |
| Dividend yield | 0.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAON | FNGD |
|---|---|---|
| 2022 | -4.6% | +52.2% |
| 2023 | +47.9% | -90.1% |
| 2024 | +59.9% | -76.6% |
| 2025 | -34.9% | -61.4% |
| 2026 | +2.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAON and FNGD good diversifiers for each other?
Yes. With a correlation of -0.38, AAON and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AAON and FNGD?
As of 2026-08-27, the correlation of weekly returns between AAON and FNGD is -0.38 over 3 years, -0.28 over 1 year and -0.35 over 5 years.
Is FNGD a good diversifier for AAON?
Yes. With a correlation of -0.38, AAON and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 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
$ curl https://www.pairbook.io/api/v1/pairs/aaon-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aaon-vs-fngd/)
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Related comparisons
Hubs: AAON correlations · FNGD correlations
