ALAB vs FNGD: Correlation
Measured on weekly returns over the past three years, Astera Labs, Inc. (ALAB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALAB and FNGD?
Across a 3-year window, the weekly returns of ALAB and FNGD correlate at -0.49, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.41) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -3278.2 %².
Out of 18 assets tracked against ALAB, FNGD lands near the bottom at #18. Correlation aside, the last 12 months split them widely, with ALAB ahead by 125.4 points (+69.7% 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.
ALAB vs FNGD: side by side
| ALAB (Astera Labs, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +69.7% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 84.6% | 75.7% |
| Beta vs S&P 500 | 2.90 | -4.54 |
| Max drawdown (3Y) | -63.7% | -97.6% |
| Market cap | $52.8B | – |
| P/E (trailing) | 142.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALAB | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | – | -76.6% |
| 2025 | +25.6% | -61.4% |
| 2026 | +82.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALAB and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALAB and FNGD?
The ALAB/FNGD correlation stands at -0.49 on a 3-year window (1 year: -0.41, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ALAB?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 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/alab-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alab-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALAB correlations · FNGD correlations
