ASA vs FNGD: Correlation
How closely do ASA Gold and Precious Metals Limited (ASA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and FNGD?
On 3 years of weekly data the ASA/FNGD correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.27). The 5-year figure is -0.28, and annualized covariance runs at -857.8 %².
Among the 59 assets we track against ASA, FNGD sits near the bottom by co-movement, at rank #57. Correlation aside, the last 12 months split them widely, with ASA ahead by 132.7 points (+77.0% versus -55.7%). One caveat on sizing: FNGD is 1.8 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.
ASA vs FNGD: side by side
| ASA (ASA Gold and Precious Metals Limited) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +77.0% | -55.7% |
| 5-year return | +218.5% | -99.4% |
| Volatility (ann.) | 42.5% | 75.7% |
| Beta vs S&P 500 | 0.92 | -4.54 |
| Max drawdown (3Y) | -40.8% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | 20.6 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | FNGD |
|---|---|---|
| 2022 | -32.1% | +52.2% |
| 2023 | +5.4% | -90.1% |
| 2024 | +34.5% | -76.6% |
| 2025 | +195.6% | -61.4% |
| 2026 | +9.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and FNGD good diversifiers for each other?
Yes. With a correlation of -0.27, ASA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASA and FNGD?
As of 2026-08-27, the correlation of weekly returns between ASA and FNGD is -0.27 over 3 years, -0.40 over 1 year and -0.28 over 5 years.
Is FNGD a good diversifier for ASA?
Yes. With a correlation of -0.27, ASA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-fngd.json
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Related comparisons
Hubs: ASA correlations · FNGD correlations
