AIP vs FNGD: Correlation
Measured on weekly returns over the past three years, Arteris, Inc. (AIP) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIP and FNGD?
On 3 years of weekly data the AIP/FNGD correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.21) than the 3-year average (-0.34). The 5-year figure is -0.37, and annualized covariance runs at -1694.7 %².
FNGD is close to the least connected end of AIP's tracked universe, ranking #11 of 13. Their recent paths diverged sharply: over the last 12 months AIP outperformed by 199.1 percentage points (+143.4% for AIP against -55.7% for FNGD).
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.
AIP vs FNGD: side by side
| AIP (Arteris, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +143.4% | -55.7% |
| 5-year return | +29.7% | -99.4% |
| Volatility (ann.) | 65.6% | 75.7% |
| Beta vs S&P 500 | 2.01 | -4.54 |
| Max drawdown (3Y) | -54.5% | -97.6% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIP | FNGD |
|---|---|---|
| 2022 | -79.6% | +52.2% |
| 2023 | +37.0% | -90.1% |
| 2024 | +73.0% | -76.6% |
| 2025 | +52.1% | -61.4% |
| 2026 | +52.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIP and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between AIP and FNGD?
As of 2026-08-27, the correlation of weekly returns between AIP and FNGD is -0.34 over 3 years, -0.21 over 1 year and -0.37 over 5 years.
Is FNGD a good diversifier for AIP?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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/aip-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aip-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AIP correlations · FNGD correlations
