ADP vs FNGD: Correlation
Automatic Data Processing (ADP) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADP and FNGD?
Across a 3-year window, the weekly returns of ADP and FNGD correlate at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.25). Stretching to 5 years gives -0.39, with an annualized covariance of -417.2 %².
FNGD is close to the least connected end of ADP's tracked universe, ranking #41 of 43. Correlation aside, the last 12 months split them widely, with ADP ahead by 52.2 points (-3.5% versus -55.7%). Note the risk asymmetry: FNGD runs 3.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ADP vs FNGD: side by side
| ADP (Automatic Data Processing) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.5% | -55.7% |
| 5-year return | +52.0% | -99.4% |
| Volatility (ann.) | 21.7% | 75.7% |
| Beta vs S&P 500 | 0.53 | -4.54 |
| Max drawdown (3Y) | -40.8% | -97.6% |
| Market cap | $113.1B | – |
| P/E (trailing) | 26.0 | 20.6 |
| Dividend yield | 2.36% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ADP | FNGD |
|---|---|---|
| 2022 | -1.3% | +52.2% |
| 2023 | -0.2% | -90.1% |
| 2024 | +28.4% | -76.6% |
| 2025 | -10.2% | -61.4% |
| 2026 | +12.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADP and FNGD good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ADP and FNGD?
As of 2026-08-27, the correlation of weekly returns between ADP and FNGD is -0.25 over 3 years, -0.13 over 1 year and -0.39 over 5 years.
Is FNGD a good diversifier for ADP?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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/adp-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/adp-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ADP correlations · FNGD correlations
