APO vs FNGD: Correlation
Measured on weekly returns over the past three years, Apollo Global Management (APO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.55, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and FNGD?
On 3 years of weekly data the APO/FNGD correlation comes out at -0.55, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.32) than the 3-year average (-0.55). The 5-year figure is -0.52, and annualized covariance runs at -1533.8 %².
FNGD is close to the least connected end of APO's tracked universe, ranking #31 of 33. Correlation aside, the last 12 months split them widely, with APO ahead by 55.6 points (-0.1% versus -55.7%). Risk is not evenly split, since FNGD carries 2.1 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.
APO vs FNGD: side by side
| APO (Apollo Global Management) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -0.1% | -55.7% |
| 5-year return | +149.7% | -99.4% |
| Volatility (ann.) | 36.8% | 75.7% |
| Beta vs S&P 500 | 1.62 | -4.54 |
| Max drawdown (3Y) | -42.8% | -97.6% |
| Market cap | $78.8B | – |
| P/E (trailing) | 47.5 | 20.6 |
| Dividend yield | 1.60% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | APO | FNGD |
|---|---|---|
| 2022 | -9.6% | +52.2% |
| 2023 | +49.4% | -90.1% |
| 2024 | +79.9% | -76.6% |
| 2025 | -11.1% | -61.4% |
| 2026 | -6.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and FNGD good diversifiers for each other?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between APO and FNGD?
Using weekly returns as of 2026-08-27: -0.55 over 3 years, with -0.32 over the last year and -0.52 over 5 years.
Is FNGD a good diversifier for APO?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.55 mean?
On the −1 to +1 scale, -0.55 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/apo-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apo-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APO correlations · FNGD correlations
