AENT vs FNGD: Correlation
Measured on weekly returns over the past three years, Alliance Entertainment Holding Corporation (AENT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AENT and FNGD?
Over the past 3 years, AENT and FNGD moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.13 lands near the 3-year figure. Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -1564.1 %².
Among the 12 assets we track against AENT, FNGD sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with AENT ahead by 59.7 points (+4.0% 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.
AENT vs FNGD: side by side
| AENT (Alliance Entertainment Holding Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +4.0% | -55.7% |
| 5-year return | -43.4% | -99.4% |
| Volatility (ann.) | 94.6% | 75.7% |
| Beta vs S&P 500 | 1.21 | -4.54 |
| Max drawdown (3Y) | -78.2% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 11.9 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AENT | FNGD |
|---|---|---|
| 2022 | +4.0% | +52.2% |
| 2023 | -90.9% | -90.1% |
| 2024 | +876.3% | -76.6% |
| 2025 | -10.8% | -61.4% |
| 2026 | -32.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AENT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.22, AENT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AENT and FNGD?
The AENT/FNGD correlation stands at -0.22 on a 3-year window (1 year: -0.13, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AENT?
Yes. With a correlation of -0.22, AENT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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
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Related comparisons
Hubs: AENT correlations · FNGD correlations
