APLD vs FNGD: Correlation
How closely do Applied Digital Corporation (APLD) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APLD and FNGD?
Across a 3-year window, the weekly returns of APLD and FNGD correlate at -0.30, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Stretching to 5 years gives -0.28, with an annualized covariance of -2640.7 %².
Out of 15 assets tracked against APLD, FNGD lands near the bottom at #15. Correlation aside, the last 12 months split them widely, with APLD ahead by 120.0 points (+64.3% versus -55.7%). Risk is not evenly split, since APLD carries 1.6 times the volatility of the other side.
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.
APLD vs FNGD: side by side
| APLD (Applied Digital Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +64.3% | -55.7% |
| 5-year return | +465.8% | -99.4% |
| Volatility (ann.) | 117.7% | 75.7% |
| Beta vs S&P 500 | 2.73 | -4.54 |
| Max drawdown (3Y) | -71.9% | -97.6% |
| Market cap | $7.8B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APLD | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +266.3% | -90.1% |
| 2024 | +13.4% | -76.6% |
| 2025 | +220.9% | -61.4% |
| 2026 | +11.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APLD and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between APLD and FNGD?
The APLD/FNGD correlation stands at -0.30 on a 3-year window (1 year: -0.34, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for APLD?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apld-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apld-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APLD correlations · FNGD correlations
