AMZN vs FNGD: Correlation
Amazon (AMZN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMZN and FNGD?
On 3 years of weekly data the AMZN/FNGD correlation comes out at -0.75, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.69 lands near the 3-year figure. The 5-year figure is -0.76, and annualized covariance runs at -1773.8 %².
Out of 38 assets tracked against AMZN, FNGD lands near the bottom at #38. Their recent paths diverged sharply: over the last 12 months AMZN outperformed by 67.5 percentage points (+11.8% for AMZN against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.4 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.
AMZN vs FNGD: side by side
| AMZN (Amazon) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +11.8% | -55.7% |
| 5-year return | +49.8% | -99.4% |
| Volatility (ann.) | 31.0% | 75.7% |
| Beta vs S&P 500 | 1.48 | -4.54 |
| Max drawdown (3Y) | -30.9% | -97.6% |
| Market cap | $2,764.1B | – |
| P/E (trailing) | 20.9 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | AMZN | FNGD |
|---|---|---|
| 2022 | -49.6% | +52.2% |
| 2023 | +80.9% | -90.1% |
| 2024 | +44.4% | -76.6% |
| 2025 | +5.2% | -61.4% |
| 2026 | +11.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMZN and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.75 means the two rarely move for the same reasons.
FAQ
What is the correlation between AMZN and FNGD?
The AMZN/FNGD correlation stands at -0.75 on a 3-year window (1 year: -0.69, 5 years: -0.76), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AMZN?
By historical standards, yes. A correlation of -0.75 means the two rarely move for the same reasons.
What does a correlation of -0.75 mean?
On the −1 to +1 scale, -0.75 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/amzn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amzn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMZN correlations · FNGD correlations
