AVNT vs FNGD: Correlation
How closely do Avient Corporation (AVNT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVNT and FNGD?
Over the past 3 years, AVNT and FNGD moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.29). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -799.0 %².
Among the 35 assets we track against AVNT, FNGD sits near the bottom by co-movement, at rank #33. Correlation aside, the last 12 months split them widely, with AVNT ahead by 77.4 points (+21.7% versus -55.7%). Note the risk asymmetry: FNGD runs 2.1 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.
AVNT vs FNGD: side by side
| AVNT (Avient Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +21.7% | -55.7% |
| 5-year return | -3.6% | -99.4% |
| Volatility (ann.) | 36.9% | 75.7% |
| Beta vs S&P 500 | 1.33 | -4.54 |
| Max drawdown (3Y) | -46.9% | -97.6% |
| Market cap | $4.1B | – |
| P/E (trailing) | 23.9 | 20.6 |
| Dividend yield | 2.45% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVNT | FNGD |
|---|---|---|
| 2022 | -38.2% | +52.2% |
| 2023 | +26.4% | -90.1% |
| 2024 | +0.6% | -76.6% |
| 2025 | -21.2% | -61.4% |
| 2026 | +43.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVNT and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between AVNT and FNGD?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.18 over the last year and -0.38 over 5 years.
Is FNGD a good diversifier for AVNT?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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.
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Related comparisons
Hubs: AVNT correlations · FNGD correlations
