ANET vs FNGD: Correlation
Arista Networks (ANET) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANET and FNGD?
On 3 years of weekly data the ANET/FNGD correlation comes out at -0.64, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.43) than the 3-year average (-0.64). The 5-year figure is -0.56, and annualized covariance runs at -2390.2 %².
Among the 35 assets we track against ANET, FNGD sits near the bottom by co-movement, at rank #35. Correlation aside, the last 12 months split them widely, with ANET ahead by 106.6 points (+50.9% versus -55.7%). Note the risk asymmetry: FNGD runs 1.5 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.
ANET vs FNGD: side by side
| ANET (Arista Networks) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +50.9% | -55.7% |
| 5-year return | +764.7% | -99.4% |
| Volatility (ann.) | 49.3% | 75.7% |
| Beta vs S&P 500 | 2.20 | -4.54 |
| Max drawdown (3Y) | -50.4% | -97.6% |
| Market cap | $253.6B | – |
| P/E (trailing) | 64.0 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | ANET | FNGD |
|---|---|---|
| 2022 | -15.6% | +52.2% |
| 2023 | +94.1% | -90.1% |
| 2024 | +87.7% | -76.6% |
| 2025 | +18.5% | -61.4% |
| 2026 | +53.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANET and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.64 means the two rarely move for the same reasons.
FAQ
What is the correlation between ANET and FNGD?
As of 2026-08-27, the correlation of weekly returns between ANET and FNGD is -0.64 over 3 years, -0.43 over 1 year and -0.56 over 5 years.
Is FNGD a good diversifier for ANET?
By historical standards, yes. A correlation of -0.64 means the two rarely move for the same reasons.
What does a correlation of -0.64 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.
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Related comparisons
Hubs: ANET correlations · FNGD correlations
