AMG vs FNGD: Correlation
How closely do Affiliated Managers Group, Inc. (AMG) 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 AMG and FNGD?
Over the past 3 years, AMG and FNGD moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.06) than the 3-year average (-0.28). Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -562.1 %².
FNGD is close to the least connected end of AMG's tracked universe, ranking #11 of 13. Correlation aside, the last 12 months split them widely, with AMG ahead by 118.4 points (+62.7% versus -55.7%). Note the risk asymmetry: FNGD runs 2.8 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.
AMG vs FNGD: side by side
| AMG (Affiliated Managers Group, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +62.7% | -55.7% |
| 5-year return | +116.5% | -99.4% |
| Volatility (ann.) | 26.6% | 75.7% |
| Beta vs S&P 500 | 0.82 | -4.54 |
| Max drawdown (3Y) | -27.0% | -97.6% |
| Market cap | $9.6B | – |
| P/E (trailing) | 13.0 | 20.6 |
| Dividend yield | 0.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMG | FNGD |
|---|---|---|
| 2022 | -3.7% | +52.2% |
| 2023 | -4.4% | -90.1% |
| 2024 | +22.2% | -76.6% |
| 2025 | +55.9% | -61.4% |
| 2026 | +28.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMG 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 AMG and FNGD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.06 over the last year and -0.43 over 5 years.
Is FNGD a good diversifier for AMG?
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/amg-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amg-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMG correlations · FNGD correlations
