AMSC vs FNGD: Correlation
Measured on weekly returns over the past three years, American Superconductor Corporation (AMSC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMSC and FNGD?
Across a 3-year window, the weekly returns of AMSC and FNGD correlate at -0.36, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Stretching to 5 years gives -0.40, with an annualized covariance of -2118.6 %².
FNGD is close to the least connected end of AMSC's tracked universe, ranking #13 of 13. The trailing year gives AMSC the advantage: -42.7% versus -55.7%, a 13.0-point spread.
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.
AMSC vs FNGD: side by side
| AMSC (American Superconductor Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -42.7% | -55.7% |
| 5-year return | +141.8% | -99.4% |
| Volatility (ann.) | 78.4% | 75.7% |
| Beta vs S&P 500 | 2.16 | -4.54 |
| Max drawdown (3Y) | -61.1% | -97.6% |
| Market cap | $1.4B | – |
| P/E (trailing) | 9.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMSC | FNGD |
|---|---|---|
| 2022 | -66.2% | +52.2% |
| 2023 | +202.7% | -90.1% |
| 2024 | +121.1% | -76.6% |
| 2025 | +16.8% | -61.4% |
| 2026 | +3.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMSC and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between AMSC and FNGD?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.31 over the last year and -0.40 over 5 years.
Is FNGD a good diversifier for AMSC?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/amsc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amsc-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMSC correlations · FNGD correlations
