AIRS vs FNGD: Correlation
How closely do AirSculpt Technologies, Inc. (AIRS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRS and FNGD?
Over the past 3 years, AIRS and FNGD moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -1935.7 %².
Out of 11 assets tracked against AIRS, FNGD lands near the bottom at #11. Twelve-month performance is nearly a tie, at -59.0% for AIRS and -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.
AIRS vs FNGD: side by side
| AIRS (AirSculpt Technologies, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -59.0% | -55.7% |
| 5-year return | -82.9% | -99.4% |
| Volatility (ann.) | 100.5% | 75.7% |
| Beta vs S&P 500 | 2.11 | -4.54 |
| Max drawdown (3Y) | -86.4% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIRS | FNGD |
|---|---|---|
| 2022 | -77.5% | +52.2% |
| 2023 | +102.4% | -90.1% |
| 2024 | -30.7% | -76.6% |
| 2025 | -61.8% | -61.4% |
| 2026 | +31.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRS and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between AIRS and FNGD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.19 over the last year and -0.34 over 5 years.
Is FNGD a good diversifier for AIRS?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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
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Related comparisons
Hubs: AIRS correlations · FNGD correlations
