AEIS vs FNGD: Correlation
Advanced Energy Industries, Inc. (AEIS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEIS and FNGD?
Across a 3-year window, the weekly returns of AEIS and FNGD correlate at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.42). Stretching to 5 years gives -0.48, with an annualized covariance of -1411.1 %².
Out of 32 assets tracked against AEIS, FNGD lands near the bottom at #30. Correlation aside, the last 12 months split them widely, with AEIS ahead by 142.7 points (+87.0% versus -55.7%). One caveat on sizing: FNGD is 1.7 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.
AEIS vs FNGD: side by side
| AEIS (Advanced Energy Industries, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +87.0% | -55.7% |
| 5-year return | +222.9% | -99.4% |
| Volatility (ann.) | 43.9% | 75.7% |
| Beta vs S&P 500 | 1.69 | -4.54 |
| Max drawdown (3Y) | -39.9% | -97.6% |
| Market cap | $11.5B | – |
| P/E (trailing) | 52.4 | 20.6 |
| Dividend yield | 0.14% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEIS | FNGD |
|---|---|---|
| 2022 | -5.4% | +52.2% |
| 2023 | +27.5% | -90.1% |
| 2024 | +6.6% | -76.6% |
| 2025 | +81.6% | -61.4% |
| 2026 | +37.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEIS and FNGD good diversifiers for each other?
Yes. With a correlation of -0.42, AEIS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AEIS and FNGD?
As of 2026-08-27, the correlation of weekly returns between AEIS and FNGD is -0.42 over 3 years, -0.09 over 1 year and -0.48 over 5 years.
Is FNGD a good diversifier for AEIS?
Yes. With a correlation of -0.42, AEIS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aeis-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aeis-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEIS correlations · FNGD correlations
