APP vs FNGD: Correlation
How closely do AppLovin (APP) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.55, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and FNGD?
On 3 years of weekly data the APP/FNGD correlation comes out at -0.55, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.52) sits close to the 3-year figure. The 5-year figure is -0.57, and annualized covariance runs at -3531.0 %².
Out of 44 assets tracked against APP, FNGD lands near the bottom at #44. Correlation aside, the last 12 months split them widely, with APP ahead by 23.2 points (-32.5% versus -55.7%).
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.
APP vs FNGD: side by side
| APP (AppLovin) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -32.5% | -55.7% |
| 5-year return | +326.5% | -99.4% |
| Volatility (ann.) | 84.3% | 75.7% |
| Beta vs S&P 500 | 3.10 | -4.54 |
| Max drawdown (3Y) | -59.3% | -97.6% |
| Market cap | $105.0B | – |
| P/E (trailing) | 23.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | APP | FNGD |
|---|---|---|
| 2022 | -88.8% | +52.2% |
| 2023 | +278.4% | -90.1% |
| 2024 | +712.6% | -76.6% |
| 2025 | +108.1% | -61.4% |
| 2026 | -53.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APP and FNGD good diversifiers for each other?
Yes. With a correlation of -0.55, APP and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APP and FNGD?
Using weekly returns as of 2026-08-27: -0.55 over 3 years, with -0.52 over the last year and -0.57 over 5 years.
Is FNGD a good diversifier for APP?
Yes. With a correlation of -0.55, APP and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.55 mean?
A reading of -0.55 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/app-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/app-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APP correlations · FNGD correlations
