AN vs FNGD: Correlation
Measured on weekly returns over the past three years, AutoNation, Inc. (AN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AN and FNGD?
On 3 years of weekly data the AN/FNGD correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.23). The 5-year figure is -0.26, and annualized covariance runs at -503.2 %².
Out of 13 assets tracked against AN, FNGD lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months AN outperformed by 45.2 percentage points (-10.5% for AN against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.7 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.
AN vs FNGD: side by side
| AN (AutoNation, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -10.5% | -55.7% |
| 5-year return | +79.8% | -99.4% |
| Volatility (ann.) | 28.5% | 75.7% |
| Beta vs S&P 500 | 0.84 | -4.54 |
| Max drawdown (3Y) | -21.4% | -97.6% |
| Market cap | $6.6B | – |
| P/E (trailing) | 9.1 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AN | FNGD |
|---|---|---|
| 2022 | -8.2% | +52.2% |
| 2023 | +40.0% | -90.1% |
| 2024 | +13.1% | -76.6% |
| 2025 | +21.6% | -61.4% |
| 2026 | -3.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AN and FNGD good diversifiers for each other?
Yes. With a correlation of -0.23, AN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AN and FNGD?
As of 2026-08-27, the correlation of weekly returns between AN and FNGD is -0.23 over 3 years, 0.01 over 1 year and -0.26 over 5 years.
Is FNGD a good diversifier for AN?
Yes. With a correlation of -0.23, AN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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: AN correlations · FNGD correlations
