APH vs FNGD: Correlation
How closely do Amphenol (APH) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.63, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APH and FNGD?
Over the past 3 years, APH and FNGD moved with a correlation of -0.63, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.41) runs above the 3-year figure (-0.63). Over 5 years the correlation is -0.61, and the annualized covariance of weekly returns is -1610.0 %².
Among the 38 assets we track against APH, FNGD sits near the bottom by co-movement, at rank #38. Their recent paths diverged sharply: over the last 12 months APH outperformed by 103.2 percentage points (+47.5% for APH against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.3 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.
APH vs FNGD: side by side
| APH (Amphenol) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +47.5% | -55.7% |
| 5-year return | +338.9% | -99.4% |
| Volatility (ann.) | 33.6% | 75.7% |
| Beta vs S&P 500 | 1.57 | -4.54 |
| Max drawdown (3Y) | -28.2% | -97.6% |
| Market cap | $199.0B | – |
| P/E (trailing) | 40.3 | 20.6 |
| Dividend yield | 0.57% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | APH | FNGD |
|---|---|---|
| 2022 | -12.0% | +52.2% |
| 2023 | +31.5% | -90.1% |
| 2024 | +41.3% | -76.6% |
| 2025 | +96.1% | -61.4% |
| 2026 | +19.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APH and FNGD good diversifiers for each other?
Yes. With a correlation of -0.63, APH and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APH and FNGD?
The APH/FNGD correlation stands at -0.63 on a 3-year window (1 year: -0.41, 5 years: -0.61), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for APH?
Yes. With a correlation of -0.63, APH and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.63 mean?
On the −1 to +1 scale, -0.63 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/aph-vs-fngd.json
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Related comparisons
Hubs: APH correlations · FNGD correlations
