AIV vs FNGD: Correlation
Measured on weekly returns over the past three years, Apartment Investment and Management Company (AIV) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIV and FNGD?
Across a 3-year window, the weekly returns of AIV and FNGD correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.06) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.35, with an annualized covariance of -438.0 %².
Among the 10 assets we track against AIV, FNGD sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months AIV outperformed by 40.8 percentage points (-14.9% for AIV against -55.7% for FNGD). One caveat on sizing: FNGD is 3.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AIV vs FNGD: side by side
| AIV (Apartment Investment and Management Company) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -14.9% | -55.7% |
| 5-year return | +1.3% | -99.4% |
| Volatility (ann.) | 23.7% | 75.7% |
| Beta vs S&P 500 | 0.73 | -4.54 |
| Max drawdown (3Y) | -27.9% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | 22.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIV | FNGD |
|---|---|---|
| 2022 | -7.6% | +52.2% |
| 2023 | +10.0% | -90.1% |
| 2024 | +16.1% | -76.6% |
| 2025 | -2.2% | -61.4% |
| 2026 | -19.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIV and FNGD good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AIV and FNGD?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.06 over the last year and -0.35 over 5 years.
Is FNGD a good diversifier for AIV?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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
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Related comparisons
Hubs: AIV correlations · FNGD correlations
