AIZ vs FNGD: Correlation
How closely do Assurant (AIZ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIZ and FNGD?
Across a 3-year window, the weekly returns of AIZ and FNGD correlate at -0.17, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.07) sits close to the 3-year figure. Stretching to 5 years gives -0.26, with an annualized covariance of -276.3 %².
Within AIZ's tracked universe of 34 assets, FNGD comes in at #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AIZ outperformed by 89.8 percentage points (+34.1% for AIZ against -55.7% for FNGD). 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.
AIZ vs FNGD: side by side
| AIZ (Assurant) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +34.1% | -55.7% |
| 5-year return | +83.5% | -99.4% |
| Volatility (ann.) | 21.5% | 75.7% |
| Beta vs S&P 500 | 0.60 | -4.54 |
| Max drawdown (3Y) | -20.8% | -97.6% |
| Market cap | $14.1B | – |
| P/E (trailing) | 13.8 | 20.6 |
| Dividend yield | 1.19% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | AIZ | FNGD |
|---|---|---|
| 2022 | -18.3% | +52.2% |
| 2023 | +37.5% | -90.1% |
| 2024 | +28.5% | -76.6% |
| 2025 | +14.7% | -61.4% |
| 2026 | +19.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIZ and FNGD good diversifiers for each other?
Yes. With a correlation of -0.17, AIZ and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AIZ and FNGD?
As of 2026-08-27, the correlation of weekly returns between AIZ and FNGD is -0.17 over 3 years, -0.07 over 1 year and -0.26 over 5 years.
Is FNGD a good diversifier for AIZ?
Yes. With a correlation of -0.17, AIZ and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AIZ correlations · FNGD correlations
