ALNY vs FNGD: Correlation
Measured on weekly returns over the past three years, Alnylam Pharmaceuticals, Inc. (ALNY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALNY and FNGD?
Over the past 3 years, ALNY and FNGD moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.26 over 3 years. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -949.3 %².
Among the 11 assets we track against ALNY, FNGD sits near the bottom by co-movement, at rank #11. On 12-month performance ALNY holds a 7.8-point edge, -47.9% against -55.7%. Note the risk asymmetry: FNGD runs 1.6 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.
ALNY vs FNGD: side by side
| ALNY (Alnylam Pharmaceuticals, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -47.9% | -55.7% |
| 5-year return | +16.2% | -99.4% |
| Volatility (ann.) | 48.5% | 75.7% |
| Beta vs S&P 500 | 0.93 | -4.54 |
| Max drawdown (3Y) | -58.2% | -97.6% |
| Market cap | $31.7B | – |
| P/E (trailing) | 41.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALNY | FNGD |
|---|---|---|
| 2022 | +40.1% | +52.2% |
| 2023 | -19.5% | -90.1% |
| 2024 | +22.9% | -76.6% |
| 2025 | +69.0% | -61.4% |
| 2026 | -40.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALNY and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALNY and FNGD?
As of 2026-08-27, the correlation of weekly returns between ALNY and FNGD is -0.26 over 3 years, -0.10 over 1 year and -0.26 over 5 years.
Is FNGD a good diversifier for ALNY?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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: ALNY correlations · FNGD correlations
