ADEA vs FNGD: Correlation
How closely do Adeia Inc. (ADEA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADEA and FNGD?
Over the past 3 years, ADEA and FNGD moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.12 lands near the 3-year figure. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -736.9 %².
Among the 12 assets we track against ADEA, FNGD sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with ADEA ahead by 125.9 points (+70.2% versus -55.7%). One caveat on sizing: FNGD is 1.6 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.
ADEA vs FNGD: side by side
| ADEA (Adeia Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +70.2% | -55.7% |
| 5-year return | +208.1% | -99.4% |
| Volatility (ann.) | 48.4% | 75.7% |
| Beta vs S&P 500 | 1.10 | -4.54 |
| Max drawdown (3Y) | -34.8% | -97.6% |
| Market cap | $2.9B | – |
| P/E (trailing) | 24.1 | 20.6 |
| Dividend yield | 0.77% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ADEA | FNGD |
|---|---|---|
| 2022 | +18.5% | +52.2% |
| 2023 | +33.5% | -90.1% |
| 2024 | +14.8% | -76.6% |
| 2025 | +25.2% | -61.4% |
| 2026 | +52.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADEA and FNGD good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ADEA and FNGD?
The ADEA/FNGD correlation stands at -0.20 on a 3-year window (1 year: -0.12, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ADEA?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 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/adea-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/adea-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ADEA correlations · FNGD correlations
