ATOM vs FNGD: Correlation
How closely do Atomera Incorporated (ATOM) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATOM and FNGD?
Over the past 3 years, ATOM and FNGD moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -1937.7 %².
FNGD is close to the least connected end of ATOM's tracked universe, ranking #11 of 12. Correlation aside, the last 12 months split them widely, with ATOM ahead by 87.6 points (+31.9% versus -55.7%). Note the risk asymmetry: ATOM runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ATOM vs FNGD: side by side
| ATOM (Atomera Incorporated) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +31.9% | -55.7% |
| 5-year return | -81.4% | -99.4% |
| Volatility (ann.) | 117.4% | 75.7% |
| Beta vs S&P 500 | 1.78 | -4.54 |
| Max drawdown (3Y) | -88.0% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATOM | FNGD |
|---|---|---|
| 2022 | -69.1% | +52.2% |
| 2023 | +12.7% | -90.1% |
| 2024 | +65.5% | -76.6% |
| 2025 | -80.9% | -61.4% |
| 2026 | +102.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATOM and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between ATOM and FNGD?
The ATOM/FNGD correlation stands at -0.22 on a 3-year window (1 year: -0.23, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ATOM?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 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/atom-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/atom-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ATOM correlations · FNGD correlations
