ALSN vs FNGD: Correlation
How closely do Allison Transmission Holdings, Inc. (ALSN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALSN and FNGD?
Across a 3-year window, the weekly returns of ALSN and FNGD correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.03) runs above the 3-year figure (-0.21). Stretching to 5 years gives -0.23, with an annualized covariance of -484.8 %².
Out of 12 assets tracked against ALSN, FNGD lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months ALSN outperformed by 102.0 percentage points (+46.3% for ALSN against -55.7% for FNGD). One caveat on sizing: FNGD is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ALSN vs FNGD: side by side
| ALSN (Allison Transmission Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +46.3% | -55.7% |
| 5-year return | +271.5% | -99.4% |
| Volatility (ann.) | 29.8% | 75.7% |
| Beta vs S&P 500 | 0.81 | -4.54 |
| Max drawdown (3Y) | -33.6% | -97.6% |
| Market cap | $10.7B | – |
| P/E (trailing) | 20.4 | 20.6 |
| Dividend yield | 0.87% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALSN | FNGD |
|---|---|---|
| 2022 | +16.9% | +52.2% |
| 2023 | +42.3% | -90.1% |
| 2024 | +88.0% | -76.6% |
| 2025 | -8.3% | -61.4% |
| 2026 | +32.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALSN and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALSN and FNGD?
As of 2026-08-27, the correlation of weekly returns between ALSN and FNGD is -0.21 over 3 years, 0.03 over 1 year and -0.23 over 5 years.
Is FNGD a good diversifier for ALSN?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
A reading of -0.21 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
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Related comparisons
Hubs: ALSN correlations · FNGD correlations
