AIT vs FNGD: Correlation
Applied Industrial Technologies, Inc. (AIT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and FNGD?
Across a 3-year window, the weekly returns of AIT and FNGD correlate at -0.39, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.39). Stretching to 5 years gives -0.37, with an annualized covariance of -773.8 %².
FNGD is close to the least connected end of AIT's tracked universe, ranking #24 of 26. Correlation aside, the last 12 months split them widely, with AIT ahead by 82.6 points (+26.9% versus -55.7%). Note the risk asymmetry: FNGD runs 2.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AIT vs FNGD: side by side
| AIT (Applied Industrial Technologies, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +26.9% | -55.7% |
| 5-year return | +291.4% | -99.4% |
| Volatility (ann.) | 26.0% | 75.7% |
| Beta vs S&P 500 | 1.03 | -4.54 |
| Max drawdown (3Y) | -26.4% | -97.6% |
| Market cap | $12.4B | – |
| P/E (trailing) | 31.2 | 20.6 |
| Dividend yield | 0.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIT | FNGD |
|---|---|---|
| 2022 | +24.2% | +52.2% |
| 2023 | +38.4% | -90.1% |
| 2024 | +39.7% | -76.6% |
| 2025 | +8.0% | -61.4% |
| 2026 | +32.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between AIT and FNGD?
The AIT/FNGD correlation stands at -0.39 on a 3-year window (1 year: -0.09, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AIT?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: AIT correlations · FNGD correlations
