ACA vs FNGD: Correlation
How closely do Arcosa, Inc. (ACA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACA and FNGD?
Across a 3-year window, the weekly returns of ACA and FNGD correlate at -0.43, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.43). Stretching to 5 years gives -0.41, with an annualized covariance of -1045.2 %².
FNGD is close to the least connected end of ACA's tracked universe, ranking #21 of 23. The last year tells two different stories: ACA led by 102.7 percentage points, +47.0% for ACA against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 2.4 times the volatility of the other side.
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.
ACA vs FNGD: side by side
| ACA (Arcosa, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +47.0% | -55.7% |
| 5-year return | +186.5% | -99.4% |
| Volatility (ann.) | 31.9% | 75.7% |
| Beta vs S&P 500 | 1.23 | -4.54 |
| Max drawdown (3Y) | -36.6% | -97.6% |
| Market cap | $7.1B | – |
| P/E (trailing) | 32.5 | 20.6 |
| Dividend yield | 0.14% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ACA | FNGD |
|---|---|---|
| 2022 | +3.5% | +52.2% |
| 2023 | +52.5% | -90.1% |
| 2024 | +17.3% | -76.6% |
| 2025 | +10.2% | -61.4% |
| 2026 | +37.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between ACA and FNGD?
As of 2026-08-27, the correlation of weekly returns between ACA and FNGD is -0.43 over 3 years, -0.19 over 1 year and -0.41 over 5 years.
Is FNGD a good diversifier for ACA?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aca-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: ACA correlations · FNGD correlations
