AMD vs FNGD: Correlation
How closely do Advanced Micro Devices (AMD) 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 AMD and FNGD?
Across a 3-year window, the weekly returns of AMD and FNGD correlate at -0.50, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.37) runs above the 3-year figure (-0.50). Stretching to 5 years gives -0.59, with an annualized covariance of -2128.7 %².
FNGD is close to the least connected end of AMD's tracked universe, ranking #33 of 33. Correlation aside, the last 12 months split them widely, with AMD ahead by 240.9 points (+185.2% 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.
AMD vs FNGD: side by side
| AMD (Advanced Micro Devices) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +185.2% | -55.7% |
| 5-year return | +328.2% | -99.4% |
| Volatility (ann.) | 55.7% | 75.7% |
| Beta vs S&P 500 | 2.04 | -4.54 |
| Max drawdown (3Y) | -63.0% | -97.6% |
| Market cap | $778.2B | – |
| P/E (trailing) | 121.9 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | AMD | FNGD |
|---|---|---|
| 2022 | -55.0% | +52.2% |
| 2023 | +127.6% | -90.1% |
| 2024 | -18.1% | -76.6% |
| 2025 | +77.3% | -61.4% |
| 2026 | +122.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMD and FNGD good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AMD and FNGD?
The AMD/FNGD correlation stands at -0.50 on a 3-year window (1 year: -0.37, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AMD?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
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/amd-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amd-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMD correlations · FNGD correlations
