AMBA vs FNGD: Correlation
Measured on weekly returns over the past three years, Ambarella, Inc. (AMBA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMBA and FNGD?
Over the past 3 years, AMBA and FNGD moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.22) runs above the 3-year figure (-0.42). Over 5 years the correlation is -0.50, and the annualized covariance of weekly returns is -1919.8 %².
Among the 10 assets we track against AMBA, FNGD sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with AMBA ahead by 54.6 points (-1.1% 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.
AMBA vs FNGD: side by side
| AMBA (Ambarella, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -1.1% | -55.7% |
| 5-year return | -32.5% | -99.4% |
| Volatility (ann.) | 59.8% | 75.7% |
| Beta vs S&P 500 | 2.14 | -4.54 |
| Max drawdown (3Y) | -51.4% | -97.6% |
| Market cap | $3.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMBA | FNGD |
|---|---|---|
| 2022 | -59.5% | +52.2% |
| 2023 | -25.5% | -90.1% |
| 2024 | +18.7% | -76.6% |
| 2025 | -2.6% | -61.4% |
| 2026 | +0.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMBA and FNGD good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AMBA and FNGD?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.22 over the last year and -0.50 over 5 years.
Is FNGD a good diversifier for AMBA?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 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
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Related comparisons
Hubs: AMBA correlations · FNGD correlations
