AMAT vs FNGD: Correlation
How closely do Applied Materials (AMAT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.50, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMAT and FNGD?
Across a 3-year window, the weekly returns of AMAT and FNGD correlate at -0.50, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.50 over 3 years. Stretching to 5 years gives -0.59, with an annualized covariance of -1646.2 %².
FNGD is close to the least connected end of AMAT's tracked universe, ranking #34 of 34. Their recent paths diverged sharply: over the last 12 months AMAT outperformed by 250.7 percentage points (+195.0% for AMAT against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 1.7 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.
AMAT vs FNGD: side by side
| AMAT (Applied Materials) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +195.0% | -55.7% |
| 5-year return | +269.5% | -99.4% |
| Volatility (ann.) | 43.5% | 75.7% |
| Beta vs S&P 500 | 1.69 | -4.54 |
| Max drawdown (3Y) | -49.9% | -97.6% |
| Market cap | $382.8B | – |
| P/E (trailing) | 41.3 | 20.6 |
| Dividend yield | 0.41% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | AMAT | FNGD |
|---|---|---|
| 2022 | -37.5% | +52.2% |
| 2023 | +68.0% | -90.1% |
| 2024 | +1.1% | -76.6% |
| 2025 | +59.6% | -61.4% |
| 2026 | +88.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMAT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.50, AMAT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMAT and FNGD?
The AMAT/FNGD correlation stands at -0.50 on a 3-year window (1 year: -0.24, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AMAT?
Yes. With a correlation of -0.50, AMAT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amat-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amat-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMAT correlations · FNGD correlations
