ABG vs FNGD: Correlation
How closely do Asbury Automotive Group Inc (ABG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ABG and FNGD?
On 3 years of weekly data the ABG/FNGD correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.23). The 5-year figure is -0.26, and annualized covariance runs at -588.9 %².
FNGD is close to the least connected end of ABG's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with ABG ahead by 37.8 points (-17.9% versus -55.7%). 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.
ABG vs FNGD: side by side
| ABG (Asbury Automotive Group Inc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -17.9% | -55.7% |
| 5-year return | +13.5% | -99.4% |
| Volatility (ann.) | 33.4% | 75.7% |
| Beta vs S&P 500 | 1.02 | -4.54 |
| Max drawdown (3Y) | -42.4% | -97.6% |
| Market cap | $3.8B | – |
| P/E (trailing) | 7.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ABG | FNGD |
|---|---|---|
| 2022 | +3.8% | +52.2% |
| 2023 | +25.5% | -90.1% |
| 2024 | +8.0% | -76.6% |
| 2025 | -4.3% | -61.4% |
| 2026 | -9.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ABG and FNGD good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ABG and FNGD?
The ABG/FNGD correlation stands at -0.23 on a 3-year window (1 year: 0.01, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ABG?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/abg-vs-fngd.json
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[](https://www.pairbook.io/pair/abg-vs-fngd/)
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Related comparisons
Hubs: ABG correlations · FNGD correlations
