APLE vs FNGD: Correlation
Apple Hospitality REIT, Inc. (APLE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APLE and FNGD?
Across a 3-year window, the weekly returns of APLE and FNGD correlate at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.22). Stretching to 5 years gives -0.31, with an annualized covariance of -386.2 %².
Among the 16 assets we track against APLE, FNGD sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months APLE outperformed by 90.1 percentage points (+34.4% for APLE against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 3.3 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.
APLE vs FNGD: side by side
| APLE (Apple Hospitality REIT, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +34.4% | -55.7% |
| 5-year return | +50.0% | -99.4% |
| Volatility (ann.) | 22.9% | 75.7% |
| Beta vs S&P 500 | 0.74 | -4.54 |
| Max drawdown (3Y) | -33.0% | -97.6% |
| Market cap | $3.9B | – |
| P/E (trailing) | 22.5 | 20.6 |
| Dividend yield | 5.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APLE | FNGD |
|---|---|---|
| 2022 | +2.4% | +52.2% |
| 2023 | +12.3% | -90.1% |
| 2024 | -1.3% | -76.6% |
| 2025 | -16.6% | -61.4% |
| 2026 | +44.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APLE and FNGD good diversifiers for each other?
Yes. With a correlation of -0.22, APLE and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APLE and FNGD?
The APLE/FNGD correlation stands at -0.22 on a 3-year window (1 year: 0.01, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for APLE?
Yes. With a correlation of -0.22, APLE and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/aple-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aple-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APLE correlations · FNGD correlations
