ALLY vs FNGD: Correlation
Measured on weekly returns over the past three years, Ally Financial Inc. (ALLY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALLY and FNGD?
Over the past 3 years, ALLY and FNGD moved with a correlation of -0.27, 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 -0.38, and the annualized covariance of weekly returns is -711.5 %².
Among the 14 assets we track against ALLY, FNGD sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with ALLY ahead by 62.8 points (+7.1% versus -55.7%). Note the risk asymmetry: FNGD runs 2.2 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.
ALLY vs FNGD: side by side
| ALLY (Ally Financial Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +7.1% | -55.7% |
| 5-year return | -2.7% | -99.4% |
| Volatility (ann.) | 34.5% | 75.7% |
| Beta vs S&P 500 | 1.22 | -4.54 |
| Max drawdown (3Y) | -31.6% | -97.6% |
| Market cap | $13.0B | – |
| P/E (trailing) | 10.0 | 20.6 |
| Dividend yield | 2.82% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALLY | FNGD |
|---|---|---|
| 2022 | -46.9% | +52.2% |
| 2023 | +49.2% | -90.1% |
| 2024 | +6.4% | -76.6% |
| 2025 | +29.9% | -61.4% |
| 2026 | -3.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALLY 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 ALLY and FNGD?
As of 2026-08-27, the correlation of weekly returns between ALLY and FNGD is -0.27 over 3 years, -0.30 over 1 year and -0.38 over 5 years.
Is FNGD a good diversifier for ALLY?
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?
On the −1 to +1 scale, -0.27 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.
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Related comparisons
Hubs: ALLY correlations · FNGD correlations
