AME vs FNGD: Correlation
Ametek (AME) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AME and FNGD?
On 3 years of weekly data the AME/FNGD correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.30 versus -0.44 over 3 years. The 5-year figure is -0.50, and annualized covariance runs at -679.1 %².
Out of 31 assets tracked against AME, FNGD lands near the bottom at #29. Their recent paths diverged sharply: over the last 12 months AME outperformed by 87.1 percentage points (+31.4% for AME against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 3.7 times the volatility of the other side.
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.
AME vs FNGD: side by side
| AME (Ametek) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +31.4% | -55.7% |
| 5-year return | +83.6% | -99.4% |
| Volatility (ann.) | 20.4% | 75.7% |
| Beta vs S&P 500 | 0.84 | -4.54 |
| Max drawdown (3Y) | -23.0% | -97.6% |
| Market cap | $55.9B | – |
| P/E (trailing) | 35.8 | 20.6 |
| Dividend yield | 0.53% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AME | FNGD |
|---|---|---|
| 2022 | -4.3% | +52.2% |
| 2023 | +18.8% | -90.1% |
| 2024 | +10.0% | -76.6% |
| 2025 | +14.7% | -61.4% |
| 2026 | +19.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AME and FNGD good diversifiers for each other?
Yes. With a correlation of -0.44, AME and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AME and FNGD?
The AME/FNGD correlation stands at -0.44 on a 3-year window (1 year: -0.30, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AME?
Yes. With a correlation of -0.44, AME and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
A reading of -0.44 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
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Related comparisons
Hubs: AME correlations · FNGD correlations
