APPN vs FNGD: Correlation
Measured on weekly returns over the past three years, Appian Corporation (APPN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APPN and FNGD?
On 3 years of weekly data the APPN/FNGD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -1183.2 %².
Among the 13 assets we track against APPN, FNGD sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with APPN ahead by 96.0 points (+40.3% 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.
APPN vs FNGD: side by side
| APPN (Appian Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +40.3% | -55.7% |
| 5-year return | -61.6% | -99.4% |
| Volatility (ann.) | 55.0% | 75.7% |
| Beta vs S&P 500 | 1.18 | -4.54 |
| Max drawdown (3Y) | -64.0% | -97.6% |
| Market cap | $3.0B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APPN | FNGD |
|---|---|---|
| 2022 | -50.1% | +52.2% |
| 2023 | +15.7% | -90.1% |
| 2024 | -12.4% | -76.6% |
| 2025 | +7.4% | -61.4% |
| 2026 | +16.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APPN and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between APPN and FNGD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.21 over the last year and -0.45 over 5 years.
Is FNGD a good diversifier for APPN?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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/appn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/appn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APPN correlations · FNGD correlations
