ARAY vs FNGD: Correlation
How closely do Accuray Incorporated (ARAY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARAY and FNGD?
Over the past 3 years, ARAY and FNGD moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -1500.4 %².
Out of 10 assets tracked against ARAY, FNGD lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months FNGD outperformed by 27.6 percentage points (-83.3% for ARAY against -55.7% for FNGD).
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.
ARAY vs FNGD: side by side
| ARAY (Accuray Incorporated) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -83.3% | -55.7% |
| 5-year return | -93.4% | -99.4% |
| Volatility (ann.) | 73.2% | 75.7% |
| Beta vs S&P 500 | 1.77 | -4.54 |
| Max drawdown (3Y) | -92.5% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARAY | FNGD |
|---|---|---|
| 2022 | -56.2% | +52.2% |
| 2023 | +35.4% | -90.1% |
| 2024 | -30.0% | -76.6% |
| 2025 | -58.6% | -61.4% |
| 2026 | -68.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARAY and FNGD good diversifiers for each other?
Yes. With a correlation of -0.27, ARAY and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ARAY and FNGD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.36 over the last year and -0.35 over 5 years.
Is FNGD a good diversifier for ARAY?
Yes. With a correlation of -0.27, ARAY and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/aray-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aray-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARAY correlations · FNGD correlations
