AS vs FNGD: Correlation
Measured on weekly returns over the past three years, Amer Sports, Inc. (AS) 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 AS and FNGD?
Over the past 3 years, AS and FNGD moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -992.1 %².
Among the 10 assets we track against AS, FNGD sits near the bottom by co-movement, at rank #8. The last year tells two different stories: AS led by 30.0 percentage points, -25.7% for AS against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 1.6 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.
AS vs FNGD: side by side
| AS (Amer Sports, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -25.7% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 48.0% | 75.7% |
| Beta vs S&P 500 | 1.18 | -4.54 |
| Max drawdown (3Y) | -40.7% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 31.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AS | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | – | -76.6% |
| 2025 | +33.6% | -61.4% |
| 2026 | -18.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AS and FNGD good diversifiers for each other?
Yes. With a correlation of -0.27, AS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AS and FNGD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.27 over the last year and n/a over 5 years.
Is FNGD a good diversifier for AS?
Yes. With a correlation of -0.27, AS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 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/as-vs-fngd.json
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[](https://www.pairbook.io/pair/as-vs-fngd/)
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Related comparisons
Hubs: AS correlations · FNGD correlations
