AI vs FNGD: Correlation
C3.ai, Inc. (AI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AI and FNGD?
Across a 3-year window, the weekly returns of AI and FNGD correlate at -0.44, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.50 over 1 year against -0.44 over 3. Stretching to 5 years gives -0.56, with an annualized covariance of -2174.4 %².
FNGD is close to the least connected end of AI's tracked universe, ranking #15 of 15. Correlation aside, the last 12 months split them widely, with AI ahead by 15.4 points (-40.3% 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.
AI vs FNGD: side by side
| AI (C3.ai, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -40.3% | -55.7% |
| 5-year return | -79.8% | -99.4% |
| Volatility (ann.) | 65.5% | 75.7% |
| Beta vs S&P 500 | 2.09 | -4.54 |
| Max drawdown (3Y) | -81.9% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AI | FNGD |
|---|---|---|
| 2022 | -64.2% | +52.2% |
| 2023 | +156.6% | -90.1% |
| 2024 | +19.9% | -76.6% |
| 2025 | -60.8% | -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 AI and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between AI and FNGD?
As of 2026-08-27, the correlation of weekly returns between AI and FNGD is -0.44 over 3 years, -0.50 over 1 year and -0.56 over 5 years.
Is FNGD a good diversifier for AI?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 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/ai-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ai-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AI correlations · FNGD correlations
