ALGN vs FNGD: Correlation
Measured on weekly returns over the past three years, Align Technology (ALGN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGN and FNGD?
On 3 years of weekly data the ALGN/FNGD correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.20 versus -0.35 over 3 years. The 5-year figure is -0.50, and annualized covariance runs at -1166.4 %².
Out of 37 assets tracked against ALGN, FNGD lands near the bottom at #35. The last year tells two different stories: ALGN led by 67.6 percentage points, +11.9% for ALGN against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 1.7 times the volatility of the other side.
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.
ALGN vs FNGD: side by side
| ALGN (Align Technology) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +11.9% | -55.7% |
| 5-year return | -77.4% | -99.4% |
| Volatility (ann.) | 44.3% | 75.7% |
| Beta vs S&P 500 | 1.51 | -4.54 |
| Max drawdown (3Y) | -66.7% | -97.6% |
| Market cap | $11.3B | – |
| P/E (trailing) | 27.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ALGN | FNGD |
|---|---|---|
| 2022 | -67.9% | +52.2% |
| 2023 | +29.9% | -90.1% |
| 2024 | -23.9% | -76.6% |
| 2025 | -25.1% | -61.4% |
| 2026 | +1.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGN and FNGD good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALGN and FNGD?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.20 over the last year and -0.50 over 5 years.
Is FNGD a good diversifier for ALGN?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/algn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/algn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALGN correlations · FNGD correlations
