APG vs FNGD: Correlation
APi Group Corporation (APG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APG and FNGD?
Across a 3-year window, the weekly returns of APG and FNGD correlate at -0.48, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.27) runs above the 3-year figure (-0.48). Stretching to 5 years gives -0.51, with an annualized covariance of -982.5 %².
Among the 12 assets we track against APG, FNGD sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with APG ahead by 69.2 points (+13.5% versus -55.7%). 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.
APG vs FNGD: side by side
| APG (APi Group Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +13.5% | -55.7% |
| 5-year return | +165.2% | -99.4% |
| Volatility (ann.) | 27.2% | 75.7% |
| Beta vs S&P 500 | 1.14 | -4.54 |
| Max drawdown (3Y) | -22.2% | -97.6% |
| Market cap | $17.8B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APG | FNGD |
|---|---|---|
| 2022 | -27.0% | +52.2% |
| 2023 | +83.9% | -90.1% |
| 2024 | +4.0% | -76.6% |
| 2025 | +59.5% | -61.4% |
| 2026 | +7.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APG and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between APG and FNGD?
The APG/FNGD correlation stands at -0.48 on a 3-year window (1 year: -0.27, 5 years: -0.51), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for APG?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 mean?
A reading of -0.48 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: APG correlations · FNGD correlations
