ABSI vs FNGD: Correlation
Absci Corporation (ABSI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ABSI and FNGD?
Across a 3-year window, the weekly returns of ABSI and FNGD correlate at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Stretching to 5 years gives -0.35, with an annualized covariance of -2401.2 %².
FNGD is close to the least connected end of ABSI's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with ABSI ahead by 325.1 points (+269.4% versus -55.7%).
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.
ABSI vs FNGD: side by side
| ABSI (Absci Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +269.4% | -55.7% |
| 5-year return | -48.3% | -99.4% |
| Volatility (ann.) | 95.4% | 75.7% |
| Beta vs S&P 500 | 2.32 | -4.54 |
| Max drawdown (3Y) | -66.1% | -97.6% |
| Market cap | $1.6B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ABSI | FNGD |
|---|---|---|
| 2022 | -74.4% | +52.2% |
| 2023 | +100.0% | -90.1% |
| 2024 | -37.6% | -76.6% |
| 2025 | +33.2% | -61.4% |
| 2026 | +169.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ABSI and FNGD good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ABSI and FNGD?
The ABSI/FNGD correlation stands at -0.33 on a 3-year window (1 year: -0.23, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ABSI?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 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/absi-vs-fngd.json
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Related comparisons
Hubs: ABSI correlations · FNGD correlations
