AREN vs FGNX: Correlation
Measured on weekly returns over the past three years, The Arena Group Holdings, Inc. (AREN) and FG Nexus Inc. (FGNX) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREN and FGNX?
Over the past 3 years, AREN and FGNX moved with a correlation of 0.36, which is moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.36). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 6032.8 %².
By 3-year correlation, FGNX places #8 of the 22 assets tracked against AREN. Their 12-month results are close: -84.8% for AREN against -87.5% for FGNX.
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.
AREN vs FGNX: side by side
| AREN (The Arena Group Holdings, Inc.) | FGNX (FG Nexus Inc.) | |
|---|---|---|
| 1-year return | -84.8% | -87.5% |
| 5-year return | -93.0% | -98.8% |
| Volatility (ann.) | 157.6% | 105.1% |
| Beta vs S&P 500 | 0.49 | -0.07 |
| Max drawdown (3Y) | -91.7% | -97.9% |
| Market cap | – | – |
| P/E (trailing) | 4.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AREN | FGNX |
|---|---|---|
| 2022 | -24.6% | -24.2% |
| 2023 | -77.6% | -43.9% |
| 2024 | -43.7% | -45.5% |
| 2025 | +198.5% | -87.4% |
| 2026 | -76.5% | -42.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREN and FGNX good diversifiers for each other?
Reasonably. At 0.36, AREN and FGNX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AREN and FGNX?
The AREN/FGNX correlation stands at 0.36 on a 3-year window (1 year: 0.17, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is FGNX a good diversifier for AREN?
Reasonably. At 0.36, AREN and FGNX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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/aren-vs-fgnx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aren-vs-fgnx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AREN correlations · FGNX correlations
