AFRM vs FNGD: Correlation
Affirm Holdings, Inc. (AFRM) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFRM and FNGD?
Across a 3-year window, the weekly returns of AFRM and FNGD correlate at -0.47, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.56 over 1 year against -0.47 over 3. Stretching to 5 years gives -0.59, with an annualized covariance of -2677.9 %².
Among the 17 assets we track against AFRM, FNGD sits near the bottom by co-movement, at rank #17. Their recent paths diverged sharply: over the last 12 months AFRM outperformed by 55.6 percentage points (-0.1% for AFRM 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.
AFRM vs FNGD: side by side
| AFRM (Affirm Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -0.1% | -55.7% |
| 5-year return | -22.2% | -99.4% |
| Volatility (ann.) | 75.0% | 75.7% |
| Beta vs S&P 500 | 2.77 | -4.54 |
| Max drawdown (3Y) | -55.9% | -97.6% |
| Market cap | $26.0B | – |
| P/E (trailing) | 69.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFRM | FNGD |
|---|---|---|
| 2022 | -90.4% | +52.2% |
| 2023 | +408.2% | -90.1% |
| 2024 | +23.9% | -76.6% |
| 2025 | +22.2% | -61.4% |
| 2026 | +4.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFRM and FNGD good diversifiers for each other?
Yes. With a correlation of -0.47, AFRM and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AFRM and FNGD?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.56 over the last year and -0.59 over 5 years.
Is FNGD a good diversifier for AFRM?
Yes. With a correlation of -0.47, AFRM and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.47 mean?
A reading of -0.47 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/afrm-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/afrm-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFRM correlations · FNGD correlations
