AG vs FNGD: Correlation
First Majestic Silver Corp. (AG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and FNGD?
Across a 3-year window, the weekly returns of AG and FNGD correlate at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Stretching to 5 years gives -0.26, with an annualized covariance of -1316.6 %².
FNGD is close to the least connected end of AG's tracked universe, ranking #25 of 27. Correlation aside, the last 12 months split them widely, with AG ahead by 195.6 points (+139.9% 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.
AG vs FNGD: side by side
| AG (First Majestic Silver Corp.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +139.9% | -55.7% |
| 5-year return | +74.1% | -99.4% |
| Volatility (ann.) | 70.1% | 75.7% |
| Beta vs S&P 500 | 1.45 | -4.54 |
| Max drawdown (3Y) | -53.0% | -97.6% |
| Market cap | $10.7B | – |
| P/E (trailing) | 30.2 | 20.6 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | FNGD |
|---|---|---|
| 2022 | -24.7% | +52.2% |
| 2023 | -26.0% | -90.1% |
| 2024 | -10.5% | -76.6% |
| 2025 | +204.1% | -61.4% |
| 2026 | +30.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and FNGD good diversifiers for each other?
Yes. With a correlation of -0.25, AG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AG and FNGD?
As of 2026-08-27, the correlation of weekly returns between AG and FNGD is -0.25 over 3 years, -0.30 over 1 year and -0.26 over 5 years.
Is FNGD a good diversifier for AG?
Yes. With a correlation of -0.25, AG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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/ag-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ag-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AG correlations · FNGD correlations
