ALNT vs FNGD: Correlation
Allient Inc. (ALNT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALNT and FNGD?
On 3 years of weekly data the ALNT/FNGD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -1093.3 %².
FNGD is close to the least connected end of ALNT's tracked universe, ranking #11 of 13. The last year tells two different stories: ALNT led by 158.6 percentage points, +102.9% for ALNT 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.
ALNT vs FNGD: side by side
| ALNT (Allient Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +102.9% | -55.7% |
| 5-year return | +183.0% | -99.4% |
| Volatility (ann.) | 51.2% | 75.7% |
| Beta vs S&P 500 | 1.42 | -4.54 |
| Max drawdown (3Y) | -52.9% | -97.6% |
| Market cap | $1.6B | – |
| P/E (trailing) | 55.0 | 20.6 |
| Dividend yield | 0.14% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALNT | FNGD |
|---|---|---|
| 2022 | -4.3% | +52.2% |
| 2023 | -12.9% | -90.1% |
| 2024 | -19.3% | -76.6% |
| 2025 | +122.2% | -61.4% |
| 2026 | +78.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALNT and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALNT and FNGD?
As of 2026-08-27, the correlation of weekly returns between ALNT and FNGD is -0.28 over 3 years, -0.31 over 1 year and -0.33 over 5 years.
Is FNGD a good diversifier for ALNT?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: ALNT correlations · FNGD correlations
