APPS vs FNGD: Correlation
Measured on weekly returns over the past three years, Digital Turbine, Inc. (APPS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APPS and FNGD?
Across a 3-year window, the weekly returns of APPS and FNGD correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.27 over 3 years. Stretching to 5 years gives -0.37, with an annualized covariance of -2634.7 %².
FNGD is close to the least connected end of APPS's tracked universe, ranking #12 of 14. Their recent paths diverged sharply: over the last 12 months APPS outperformed by 228.7 percentage points (+173.0% for APPS against -55.7% for FNGD). Risk is not evenly split, since APPS carries 1.7 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.
APPS vs FNGD: side by side
| APPS (Digital Turbine, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +173.0% | -55.7% |
| 5-year return | -77.7% | -99.4% |
| Volatility (ann.) | 130.3% | 75.7% |
| Beta vs S&P 500 | 2.13 | -4.54 |
| Max drawdown (3Y) | -86.7% | -97.6% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APPS | FNGD |
|---|---|---|
| 2022 | -75.0% | +52.2% |
| 2023 | -55.0% | -90.1% |
| 2024 | -75.4% | -76.6% |
| 2025 | +195.9% | -61.4% |
| 2026 | +128.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APPS and FNGD good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between APPS and FNGD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.45 over the last year and -0.37 over 5 years.
Is FNGD a good diversifier for APPS?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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/apps-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apps-vs-fngd/)
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Related comparisons
Hubs: APPS correlations · FNGD correlations
