ARLO vs FNGD: Correlation
How closely do Arlo Technologies, Inc. (ARLO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARLO and FNGD?
Across a 3-year window, the weekly returns of ARLO and FNGD correlate at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Stretching to 5 years gives -0.28, with an annualized covariance of -1542.3 %².
FNGD is close to the least connected end of ARLO's tracked universe, ranking #11 of 13. Their recent paths diverged sharply: over the last 12 months ARLO outperformed by 30.0 percentage points (-25.7% for ARLO 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.
ARLO vs FNGD: side by side
| ARLO (Arlo Technologies, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -25.7% | -55.7% |
| 5-year return | +113.6% | -99.4% |
| Volatility (ann.) | 61.4% | 75.7% |
| Beta vs S&P 500 | 1.84 | -4.54 |
| Max drawdown (3Y) | -50.8% | -97.6% |
| Market cap | $1.4B | – |
| P/E (trailing) | 46.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARLO | FNGD |
|---|---|---|
| 2022 | -66.5% | +52.2% |
| 2023 | +171.2% | -90.1% |
| 2024 | +17.5% | -76.6% |
| 2025 | +25.0% | -61.4% |
| 2026 | -6.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARLO and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between ARLO and FNGD?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.38 over the last year and -0.28 over 5 years.
Is FNGD a good diversifier for ARLO?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/arlo-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arlo-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARLO correlations · FNGD correlations
