AZZ vs FNGD: Correlation
How closely do AZZ Inc. (AZZ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZZ and FNGD?
On 3 years of weekly data the AZZ/FNGD correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.04 versus -0.33 over 3 years. The 5-year figure is -0.35, and annualized covariance runs at -809.7 %².
Among the 11 assets we track against AZZ, FNGD sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months AZZ outperformed by 76.5 percentage points (+20.8% for AZZ against -55.7% for FNGD). One caveat on sizing: FNGD is 2.3 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.
AZZ vs FNGD: side by side
| AZZ (AZZ Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +20.8% | -55.7% |
| 5-year return | +177.7% | -99.4% |
| Volatility (ann.) | 32.5% | 75.7% |
| Beta vs S&P 500 | 1.09 | -4.54 |
| Max drawdown (3Y) | -23.7% | -97.6% |
| Market cap | $4.2B | – |
| P/E (trailing) | 21.5 | 20.6 |
| Dividend yield | 0.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AZZ | FNGD |
|---|---|---|
| 2022 | -26.1% | +52.2% |
| 2023 | +46.8% | -90.1% |
| 2024 | +42.3% | -76.6% |
| 2025 | +31.9% | -61.4% |
| 2026 | +31.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZZ and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between AZZ and FNGD?
The AZZ/FNGD correlation stands at -0.33 on a 3-year window (1 year: -0.04, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AZZ?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AZZ correlations · FNGD correlations
