ALIT vs FNGD: Correlation
How closely do Alight, Inc. (ALIT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALIT and FNGD?
Over the past 3 years, ALIT and FNGD moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -1367.1 %².
FNGD is close to the least connected end of ALIT's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with FNGD ahead by 25.6 points (-81.3% 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.
ALIT vs FNGD: side by side
| ALIT (Alight, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -81.3% | -55.7% |
| 5-year return | -93.1% | -99.4% |
| Volatility (ann.) | 66.0% | 75.7% |
| Beta vs S&P 500 | 1.49 | -4.54 |
| Max drawdown (3Y) | -95.0% | -97.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 11.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALIT | FNGD |
|---|---|---|
| 2022 | -22.7% | +52.2% |
| 2023 | +2.0% | -90.1% |
| 2024 | -18.5% | -76.6% |
| 2025 | -70.6% | -61.4% |
| 2026 | -63.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALIT and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALIT and FNGD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.35 over the last year and -0.33 over 5 years.
Is FNGD a good diversifier for ALIT?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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/alit-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alit-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALIT correlations · FNGD correlations
