AVY vs FNGD: Correlation
Measured on weekly returns over the past three years, Avery Dennison (AVY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and FNGD?
Over the past 3 years, AVY and FNGD moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.03 versus -0.17 over 3 years. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -267.0 %².
Within AVY's tracked universe of 38 assets, FNGD comes in at #30 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AVY ahead by 61.0 points (+5.3% versus -55.7%). One caveat on sizing: FNGD is 3.7 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.
AVY vs FNGD: side by side
| AVY (Avery Dennison) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +5.3% | -55.7% |
| 5-year return | -14.0% | -99.4% |
| Volatility (ann.) | 20.2% | 75.7% |
| Beta vs S&P 500 | 0.61 | -4.54 |
| Max drawdown (3Y) | -30.6% | -97.6% |
| Market cap | $13.5B | – |
| P/E (trailing) | 20.0 | 20.6 |
| Dividend yield | 2.10% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | AVY | FNGD |
|---|---|---|
| 2022 | -15.1% | +52.2% |
| 2023 | +13.7% | -90.1% |
| 2024 | -5.9% | -76.6% |
| 2025 | -0.7% | -61.4% |
| 2026 | -0.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between AVY and FNGD?
As of 2026-08-27, the correlation of weekly returns between AVY and FNGD is -0.17 over 3 years, -0.03 over 1 year and -0.33 over 5 years.
Is FNGD a good diversifier for AVY?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 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/avy-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avy-vs-fngd/)
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Related comparisons
Hubs: AVY correlations · FNGD correlations
