ALTG vs FNGD: Correlation
How closely do Alta Equipment Group Inc. (ALTG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALTG and FNGD?
Across a 3-year window, the weekly returns of ALTG and FNGD correlate at -0.37, 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. Stretching to 5 years gives -0.36, with an annualized covariance of -1837.3 %².
Out of 12 assets tracked against ALTG, FNGD lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with ALTG ahead by 29.8 points (-25.9% versus -55.7%).
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.
ALTG vs FNGD: side by side
| ALTG (Alta Equipment Group Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -25.9% | -55.7% |
| 5-year return | -50.0% | -99.4% |
| Volatility (ann.) | 65.4% | 75.7% |
| Beta vs S&P 500 | 2.11 | -4.54 |
| Max drawdown (3Y) | -71.8% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALTG | FNGD |
|---|---|---|
| 2022 | -9.1% | +52.2% |
| 2023 | -4.7% | -90.1% |
| 2024 | -45.5% | -76.6% |
| 2025 | -28.4% | -61.4% |
| 2026 | +34.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALTG and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALTG and FNGD?
The ALTG/FNGD correlation stands at -0.37 on a 3-year window (1 year: -0.31, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ALTG?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 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
$ curl https://www.pairbook.io/api/v1/pairs/altg-vs-fngd.json
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[](https://www.pairbook.io/pair/altg-vs-fngd/)
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Related comparisons
Hubs: ALTG correlations · FNGD correlations
