ALV vs FNGD: Correlation
How closely do Autoliv, Inc. (ALV) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALV and FNGD?
On 3 years of weekly data the ALV/FNGD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.14) than the 3-year average (-0.28). The 5-year figure is -0.39, and annualized covariance runs at -545.6 %².
FNGD is close to the least connected end of ALV's tracked universe, ranking #14 of 16. Correlation aside, the last 12 months split them widely, with ALV ahead by 57.0 points (+1.3% versus -55.7%). One caveat on sizing: FNGD is 2.9 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.
ALV vs FNGD: side by side
| ALV (Autoliv, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +1.3% | -55.7% |
| 5-year return | +58.0% | -99.4% |
| Volatility (ann.) | 25.8% | 75.7% |
| Beta vs S&P 500 | 0.88 | -4.54 |
| Max drawdown (3Y) | -39.3% | -97.6% |
| Market cap | $9.0B | – |
| P/E (trailing) | 14.5 | 20.6 |
| Dividend yield | 2.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALV | FNGD |
|---|---|---|
| 2022 | -23.5% | +52.2% |
| 2023 | +48.0% | -90.1% |
| 2024 | -12.7% | -76.6% |
| 2025 | +29.2% | -61.4% |
| 2026 | +5.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALV and FNGD good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALV and FNGD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.14 over the last year and -0.39 over 5 years.
Is FNGD a good diversifier for ALV?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
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
$ curl https://www.pairbook.io/api/v1/pairs/alv-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alv-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALV correlations · FNGD correlations
