APAM vs FNGD: Correlation
Artisan Partners Asset Management Inc. (APAM) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APAM and FNGD?
Over the past 3 years, APAM and FNGD moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.26 versus -0.37 over 3 years. Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -756.4 %².
Among the 17 assets we track against APAM, FNGD sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months APAM outperformed by 56.9 percentage points (+1.2% for APAM against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.8 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.
APAM vs FNGD: side by side
| APAM (Artisan Partners Asset Management Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +1.2% | -55.7% |
| 5-year return | +28.1% | -99.4% |
| Volatility (ann.) | 27.0% | 75.7% |
| Beta vs S&P 500 | 1.14 | -4.54 |
| Max drawdown (3Y) | -28.9% | -97.6% |
| Market cap | $3.1B | – |
| P/E (trailing) | 10.4 | 20.6 |
| Dividend yield | 7.95% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APAM | FNGD |
|---|---|---|
| 2022 | -31.3% | +52.2% |
| 2023 | +60.3% | -90.1% |
| 2024 | +4.8% | -76.6% |
| 2025 | +2.7% | -61.4% |
| 2026 | +15.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APAM and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between APAM and FNGD?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.26 over the last year and -0.48 over 5 years.
Is FNGD a good diversifier for APAM?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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
$ curl https://www.pairbook.io/api/v1/pairs/apam-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apam-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APAM correlations · FNGD correlations
