ALM vs FNGD: Correlation
How closely do Almonty Industries Inc. (ALM) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALM and FNGD?
Across a 3-year window, the weekly returns of ALM and FNGD correlate at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.19). Stretching to 5 years gives -0.18, with an annualized covariance of -1307.0 %².
Among the 13 assets we track against ALM, FNGD sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months ALM outperformed by 404.4 percentage points (+348.7% for ALM 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.
ALM vs FNGD: side by side
| ALM (Almonty Industries Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +348.7% | -55.7% |
| 5-year return | +1028.4% | -99.4% |
| Volatility (ann.) | 89.8% | 75.7% |
| Beta vs S&P 500 | 1.32 | -4.54 |
| Max drawdown (3Y) | -57.9% | -97.6% |
| Market cap | $5.4B | – |
| P/E (trailing) | 82.1 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALM | FNGD |
|---|---|---|
| 2022 | -27.7% | +52.2% |
| 2023 | -19.7% | -90.1% |
| 2024 | +53.2% | -76.6% |
| 2025 | +526.5% | -61.4% |
| 2026 | +114.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALM and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALM and FNGD?
As of 2026-08-27, the correlation of weekly returns between ALM and FNGD is -0.19 over 3 years, -0.34 over 1 year and -0.18 over 5 years.
Is FNGD a good diversifier for ALM?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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: ALM correlations · FNGD correlations
