AEVA vs FNGD: Correlation
How closely do Aeva Technologies, Inc. (AEVA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEVA and FNGD?
Across a 3-year window, the weekly returns of AEVA and FNGD correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.24 over 3 years. Stretching to 5 years gives -0.33, with an annualized covariance of -2350.4 %².
Out of 14 assets tracked against AEVA, FNGD lands near the bottom at #12. The last year tells two different stories: AEVA led by 59.6 percentage points, +3.9% for AEVA against -55.7% for FNGD. One caveat on sizing: AEVA 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.
AEVA vs FNGD: side by side
| AEVA (Aeva Technologies, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +3.9% | -55.7% |
| 5-year return | -66.2% | -99.4% |
| Volatility (ann.) | 127.6% | 75.7% |
| Beta vs S&P 500 | 2.96 | -4.54 |
| Max drawdown (3Y) | -75.7% | -97.6% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEVA | FNGD |
|---|---|---|
| 2022 | -82.0% | +52.2% |
| 2023 | -44.3% | -90.1% |
| 2024 | +25.3% | -76.6% |
| 2025 | +179.6% | -61.4% |
| 2026 | +23.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEVA and FNGD good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AEVA and FNGD?
The AEVA/FNGD correlation stands at -0.24 on a 3-year window (1 year: -0.40, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AEVA?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/aeva-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aeva-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEVA correlations · FNGD correlations
