ARES vs FNGD: Correlation
Measured on weekly returns over the past three years, Ares Management (ARES) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.57, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARES and FNGD?
Over the past 3 years, ARES and FNGD moved with a correlation of -0.57, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.43) than the 3-year average (-0.57). Over 5 years the correlation is -0.59, and the annualized covariance of weekly returns is -1546.0 %².
Among the 32 assets we track against ARES, FNGD sits near the bottom by co-movement, at rank #32. Their recent paths diverged sharply: over the last 12 months ARES outperformed by 38.0 percentage points (-17.7% for ARES against -55.7% for FNGD). One caveat on sizing: FNGD is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ARES vs FNGD: side by side
| ARES (Ares Management) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -17.7% | -55.7% |
| 5-year return | +118.7% | -99.4% |
| Volatility (ann.) | 35.5% | 75.7% |
| Beta vs S&P 500 | 1.55 | -4.54 |
| Max drawdown (3Y) | -50.0% | -97.6% |
| Market cap | $47.0B | – |
| P/E (trailing) | 65.0 | 20.6 |
| Dividend yield | 3.48% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | ARES | FNGD |
|---|---|---|
| 2022 | -12.8% | +52.2% |
| 2023 | +79.5% | -90.1% |
| 2024 | +52.7% | -76.6% |
| 2025 | -6.2% | -61.4% |
| 2026 | -9.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARES and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.57 means the two rarely move for the same reasons.
FAQ
What is the correlation between ARES and FNGD?
The ARES/FNGD correlation stands at -0.57 on a 3-year window (1 year: -0.43, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ARES?
By historical standards, yes. A correlation of -0.57 means the two rarely move for the same reasons.
What does a correlation of -0.57 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/ares-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ares-vs-fngd/)
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Related comparisons
Hubs: ARES correlations · FNGD correlations
