AOS vs FNGD: Correlation
A. O. Smith (AOS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AOS and FNGD?
Across a 3-year window, the weekly returns of AOS and FNGD correlate at -0.16, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.14) than the 3-year average (-0.16). Stretching to 5 years gives -0.31, with an annualized covariance of -290.2 %².
By 3-year correlation, FNGD places #25 of the 33 assets tracked against AOS. Correlation aside, the last 12 months split them widely, with AOS ahead by 43.1 points (-12.6% versus -55.7%). Risk is not evenly split, since FNGD carries 3.2 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.
AOS vs FNGD: side by side
| AOS (A. O. Smith) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -12.6% | -55.7% |
| 5-year return | -6.7% | -99.4% |
| Volatility (ann.) | 23.5% | 75.7% |
| Beta vs S&P 500 | 0.67 | -4.54 |
| Max drawdown (3Y) | -36.9% | -97.6% |
| Market cap | $8.4B | – |
| P/E (trailing) | 17.4 | 20.6 |
| Dividend yield | 2.27% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AOS | FNGD |
|---|---|---|
| 2022 | -32.1% | +52.2% |
| 2023 | +46.7% | -90.1% |
| 2024 | -15.9% | -76.6% |
| 2025 | +0.1% | -61.4% |
| 2026 | -5.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AOS and FNGD good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AOS and FNGD?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with 0.14 over the last year and -0.31 over 5 years.
Is FNGD a good diversifier for AOS?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
A reading of -0.16 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
$ curl https://www.pairbook.io/api/v1/pairs/aos-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aos-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AOS correlations · FNGD correlations
