ATI vs FNGD: Correlation
Measured on weekly returns over the past three years, ATI Inc. (ATI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATI and FNGD?
Across a 3-year window, the weekly returns of ATI and FNGD correlate at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.25 versus -0.38 over 3 years. Stretching to 5 years gives -0.37, with an annualized covariance of -1239.7 %².
FNGD is close to the least connected end of ATI's tracked universe, ranking #10 of 12. The last year tells two different stories: ATI led by 235.2 percentage points, +179.5% for ATI against -55.7% for FNGD. One caveat on sizing: FNGD is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ATI vs FNGD: side by side
| ATI (ATI Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +179.5% | -55.7% |
| 5-year return | +1095.8% | -99.4% |
| Volatility (ann.) | 43.3% | 75.7% |
| Beta vs S&P 500 | 1.59 | -4.54 |
| Max drawdown (3Y) | -38.0% | -97.6% |
| Market cap | $29.2B | – |
| P/E (trailing) | 62.5 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATI | FNGD |
|---|---|---|
| 2022 | +87.4% | +52.2% |
| 2023 | +52.3% | -90.1% |
| 2024 | +21.0% | -76.6% |
| 2025 | +108.5% | -61.4% |
| 2026 | +86.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATI and FNGD good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ATI and FNGD?
As of 2026-08-27, the correlation of weekly returns between ATI and FNGD is -0.38 over 3 years, -0.25 over 1 year and -0.37 over 5 years.
Is FNGD a good diversifier for ATI?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
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
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Related comparisons
Hubs: ATI correlations · FNGD correlations
