ACVA vs FNGD: Correlation
How closely do ACV Auctions Inc. (ACVA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACVA and FNGD?
Across a 3-year window, the weekly returns of ACVA and FNGD correlate at -0.41, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.40 over 1 year against -0.41 over 3. Stretching to 5 years gives -0.45, with an annualized covariance of -1772.2 %².
FNGD is close to the least connected end of ACVA's tracked universe, ranking #14 of 14. The last year tells two different stories: ACVA led by 18.4 percentage points, -37.3% for ACVA against -55.7% for FNGD.
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.
ACVA vs FNGD: side by side
| ACVA (ACV Auctions Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -37.3% | -55.7% |
| 5-year return | -64.2% | -99.4% |
| Volatility (ann.) | 57.0% | 75.7% |
| Beta vs S&P 500 | 1.76 | -4.54 |
| Max drawdown (3Y) | -82.1% | -97.6% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ACVA | FNGD |
|---|---|---|
| 2022 | -56.4% | +52.2% |
| 2023 | +84.5% | -90.1% |
| 2024 | +42.6% | -76.6% |
| 2025 | -62.9% | -61.4% |
| 2026 | -10.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACVA and FNGD good diversifiers for each other?
Yes. With a correlation of -0.41, ACVA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ACVA and FNGD?
As of 2026-08-27, the correlation of weekly returns between ACVA and FNGD is -0.41 over 3 years, -0.40 over 1 year and -0.45 over 5 years.
Is FNGD a good diversifier for ACVA?
Yes. With a correlation of -0.41, ACVA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 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
$ curl https://www.pairbook.io/api/v1/pairs/acva-vs-fngd.json
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[](https://www.pairbook.io/pair/acva-vs-fngd/)
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Related comparisons
Hubs: ACVA correlations · FNGD correlations
