ALDX vs FNGD: Correlation
Measured on weekly returns over the past three years, Aldeyra Therapeutics, Inc. (ALDX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALDX and FNGD?
Over the past 3 years, ALDX and FNGD moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -2643.3 %².
FNGD is close to the least connected end of ALDX's tracked universe, ranking #11 of 13. The last year tells two different stories: FNGD led by 18.0 percentage points, -73.7% for ALDX 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.
ALDX vs FNGD: side by side
| ALDX (Aldeyra Therapeutics, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -73.7% | -55.7% |
| 5-year return | -83.1% | -99.4% |
| Volatility (ann.) | 107.4% | 75.7% |
| Beta vs S&P 500 | 3.13 | -4.54 |
| Max drawdown (3Y) | -83.8% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALDX | FNGD |
|---|---|---|
| 2022 | +74.0% | +52.2% |
| 2023 | -49.6% | -90.1% |
| 2024 | +42.2% | -76.6% |
| 2025 | +3.8% | -61.4% |
| 2026 | -70.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALDX and FNGD good diversifiers for each other?
Yes. With a correlation of -0.32, ALDX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALDX and FNGD?
As of 2026-08-27, the correlation of weekly returns between ALDX and FNGD is -0.32 over 3 years, -0.30 over 1 year and -0.30 over 5 years.
Is FNGD a good diversifier for ALDX?
Yes. With a correlation of -0.32, ALDX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/aldx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aldx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALDX correlations · FNGD correlations
