ADTN vs FNGD: Correlation
How closely do ADTRAN Holdings, Inc. (ADTN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADTN and FNGD?
Over the past 3 years, ADTN and FNGD moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.13 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -951.0 %².
FNGD is close to the least connected end of ADTN's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with ADTN ahead by 39.1 points (-16.6% versus -55.7%).
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.
ADTN vs FNGD: side by side
| ADTN (ADTRAN Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -16.6% | -55.7% |
| 5-year return | -60.1% | -99.4% |
| Volatility (ann.) | 56.4% | 75.7% |
| Beta vs S&P 500 | 1.55 | -4.54 |
| Max drawdown (3Y) | -61.3% | -97.6% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ADTN | FNGD |
|---|---|---|
| 2022 | -16.3% | +52.2% |
| 2023 | -59.9% | -90.1% |
| 2024 | +13.5% | -76.6% |
| 2025 | +4.3% | -61.4% |
| 2026 | -10.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADTN and FNGD good diversifiers for each other?
Yes. With a correlation of -0.22, ADTN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ADTN and FNGD?
The ADTN/FNGD correlation stands at -0.22 on a 3-year window (1 year: -0.13, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ADTN?
Yes. With a correlation of -0.22, ADTN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/adtn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/adtn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ADTN correlations · FNGD correlations
