AVT vs FNGD: Correlation
Measured on weekly returns over the past three years, Avnet, Inc. (AVT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVT and FNGD?
Across a 3-year window, the weekly returns of AVT and FNGD correlate at -0.37, 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 -0.37 over 3 years. Stretching to 5 years gives -0.40, with an annualized covariance of -781.3 %².
Among the 16 assets we track against AVT, FNGD sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months AVT outperformed by 126.0 percentage points (+70.3% for AVT against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.7 times the volatility of the other side.
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.
AVT vs FNGD: side by side
| AVT (Avnet, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +70.3% | -55.7% |
| 5-year return | +153.5% | -99.4% |
| Volatility (ann.) | 28.1% | 75.7% |
| Beta vs S&P 500 | 1.05 | -4.54 |
| Max drawdown (3Y) | -27.1% | -97.6% |
| Market cap | $7.5B | – |
| P/E (trailing) | 22.5 | 20.6 |
| Dividend yield | 1.55% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVT | FNGD |
|---|---|---|
| 2022 | +3.4% | +52.2% |
| 2023 | +24.4% | -90.1% |
| 2024 | +6.4% | -76.6% |
| 2025 | -5.6% | -61.4% |
| 2026 | +92.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVT and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between AVT and FNGD?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.25 over the last year and -0.40 over 5 years.
Is FNGD a good diversifier for AVT?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AVT correlations · FNGD correlations
