APPF vs FNGD: Correlation
AppFolio, Inc. (APPF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APPF and FNGD?
Over the past 3 years, APPF and FNGD moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.25 over 3. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -781.2 %².
Out of 13 assets tracked against APPF, FNGD lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months APPF outperformed by 39.7 percentage points (-16.0% for APPF against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 1.8 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.
APPF vs FNGD: side by side
| APPF (AppFolio, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -16.0% | -55.7% |
| 5-year return | +93.0% | -99.4% |
| Volatility (ann.) | 41.6% | 75.7% |
| Beta vs S&P 500 | 0.64 | -4.54 |
| Max drawdown (3Y) | -55.4% | -97.6% |
| Market cap | $8.2B | – |
| P/E (trailing) | 50.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APPF | FNGD |
|---|---|---|
| 2022 | -13.0% | +52.2% |
| 2023 | +64.4% | -90.1% |
| 2024 | +42.4% | -76.6% |
| 2025 | -5.7% | -61.4% |
| 2026 | -0.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APPF and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between APPF and FNGD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.28 over the last year and -0.30 over 5 years.
Is FNGD a good diversifier for APPF?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/appf-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/appf-vs-fngd/)
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Related comparisons
Hubs: APPF correlations · FNGD correlations
