AOSL vs FNGD: Correlation
How closely do Alpha and Omega Semiconductor Limited (AOSL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AOSL and FNGD?
Over the past 3 years, AOSL and FNGD moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.38 over 3. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -2019.5 %².
FNGD is close to the least connected end of AOSL's tracked universe, ranking #14 of 16. Correlation aside, the last 12 months split them widely, with AOSL ahead by 44.3 points (-11.4% versus -55.7%).
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.
AOSL vs FNGD: side by side
| AOSL (Alpha and Omega Semiconductor Limited) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -11.4% | -55.7% |
| 5-year return | -9.2% | -99.4% |
| Volatility (ann.) | 69.3% | 75.7% |
| Beta vs S&P 500 | 2.34 | -4.54 |
| Max drawdown (3Y) | -66.9% | -97.6% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AOSL | FNGD |
|---|---|---|
| 2022 | -52.8% | +52.2% |
| 2023 | -8.8% | -90.1% |
| 2024 | +42.1% | -76.6% |
| 2025 | -46.5% | -61.4% |
| 2026 | +32.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AOSL and FNGD good diversifiers for each other?
Yes. With a correlation of -0.38, AOSL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AOSL and FNGD?
As of 2026-08-27, the correlation of weekly returns between AOSL and FNGD is -0.38 over 3 years, -0.39 over 1 year and -0.46 over 5 years.
Is FNGD a good diversifier for AOSL?
Yes. With a correlation of -0.38, AOSL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 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/aosl-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aosl-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AOSL correlations · FNGD correlations
