AEHR vs FNGD: Correlation
Measured on weekly returns over the past three years, Aehr Test Systems (AEHR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEHR and FNGD?
On 3 years of weekly data the AEHR/FNGD correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.43 versus -0.31 over 3 years. The 5-year figure is -0.40, and annualized covariance runs at -2268.7 %².
Out of 11 assets tracked against AEHR, FNGD lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months AEHR outperformed by 328.0 percentage points (+272.3% for AEHR 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.
AEHR vs FNGD: side by side
| AEHR (Aehr Test Systems) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +272.3% | -55.7% |
| 5-year return | +1209.1% | -99.4% |
| Volatility (ann.) | 97.6% | 75.7% |
| Beta vs S&P 500 | 2.33 | -4.54 |
| Max drawdown (3Y) | -87.2% | -97.6% |
| Market cap | $3.0B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEHR | FNGD |
|---|---|---|
| 2022 | -16.9% | +52.2% |
| 2023 | +32.0% | -90.1% |
| 2024 | -37.3% | -76.6% |
| 2025 | +21.4% | -61.4% |
| 2026 | +348.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEHR and FNGD good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AEHR and FNGD?
The AEHR/FNGD correlation stands at -0.31 on a 3-year window (1 year: -0.43, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AEHR?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 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/aehr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aehr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEHR correlations · FNGD correlations
