AVGO vs FNGD: Correlation
Broadcom (AVGO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVGO and FNGD?
Over the past 3 years, AVGO and FNGD moved with a correlation of -0.79, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.75 over 1 year against -0.79 over 3. Over 5 years the correlation is -0.70, and the annualized covariance of weekly returns is -3058.9 %².
FNGD is close to the least connected end of AVGO's tracked universe, ranking #33 of 33. Correlation aside, the last 12 months split them widely, with AVGO ahead by 80.4 points (+24.7% versus -55.7%).
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.
AVGO vs FNGD: side by side
| AVGO (Broadcom) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +24.7% | -55.7% |
| 5-year return | +718.0% | -99.4% |
| Volatility (ann.) | 51.3% | 75.7% |
| Beta vs S&P 500 | 2.45 | -4.54 |
| Max drawdown (3Y) | -41.1% | -97.6% |
| Market cap | $1,767.6B | – |
| P/E (trailing) | 59.2 | 20.6 |
| Dividend yield | 0.71% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | AVGO | FNGD |
|---|---|---|
| 2022 | -13.3% | +52.2% |
| 2023 | +104.2% | -90.1% |
| 2024 | +110.5% | -76.6% |
| 2025 | +50.6% | -61.4% |
| 2026 | +7.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVGO and FNGD good diversifiers for each other?
Yes. With a correlation of -0.79, AVGO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AVGO and FNGD?
The AVGO/FNGD correlation stands at -0.79 on a 3-year window (1 year: -0.75, 5 years: -0.70), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AVGO?
Yes. With a correlation of -0.79, AVGO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.79 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avgo-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avgo-vs-fngd/)
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Related comparisons
Hubs: AVGO correlations · FNGD correlations
