AWI vs FNGD: Correlation
Armstrong World Industries Inc (AWI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWI and FNGD?
Over the past 3 years, AWI and FNGD moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.30). Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -617.1 %².
FNGD is close to the least connected end of AWI's tracked universe, ranking #13 of 15. Their recent paths diverged sharply: over the last 12 months AWI outperformed by 45.2 percentage points (-10.5% for AWI against -55.7% for FNGD). One caveat on sizing: FNGD is 2.8 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.
AWI vs FNGD: side by side
| AWI (Armstrong World Industries Inc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -10.5% | -55.7% |
| 5-year return | +76.7% | -99.4% |
| Volatility (ann.) | 27.3% | 75.7% |
| Beta vs S&P 500 | 0.88 | -4.54 |
| Max drawdown (3Y) | -25.2% | -97.6% |
| Market cap | $7.4B | – |
| P/E (trailing) | 24.3 | 20.6 |
| Dividend yield | 0.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWI | FNGD |
|---|---|---|
| 2022 | -40.3% | +52.2% |
| 2023 | +45.4% | -90.1% |
| 2024 | +45.1% | -76.6% |
| 2025 | +36.2% | -61.4% |
| 2026 | -7.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWI and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between AWI and FNGD?
As of 2026-08-27, the correlation of weekly returns between AWI and FNGD is -0.30 over 3 years, -0.13 over 1 year and -0.40 over 5 years.
Is FNGD a good diversifier for AWI?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 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
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Related comparisons
Hubs: AWI correlations · FNGD correlations
