ASAN vs FNGD: Correlation
How closely do Asana, Inc. (ASAN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASAN and FNGD?
Across a 3-year window, the weekly returns of ASAN and FNGD correlate at -0.39, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.40) sits close to the 3-year figure. Stretching to 5 years gives -0.51, with an annualized covariance of -1763.5 %².
Among the 19 assets we track against ASAN, FNGD sits near the bottom by co-movement, at rank #19. Their recent paths diverged sharply: over the last 12 months ASAN outperformed by 26.7 percentage points (-29.0% for ASAN against -55.7% for FNGD).
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.
ASAN vs FNGD: side by side
| ASAN (Asana, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -29.0% | -55.7% |
| 5-year return | -86.9% | -99.4% |
| Volatility (ann.) | 59.9% | 75.7% |
| Beta vs S&P 500 | 1.49 | -4.54 |
| Max drawdown (3Y) | -80.2% | -97.6% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASAN | FNGD |
|---|---|---|
| 2022 | -81.5% | +52.2% |
| 2023 | +38.1% | -90.1% |
| 2024 | +6.6% | -76.6% |
| 2025 | -32.4% | -61.4% |
| 2026 | -25.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASAN and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between ASAN and FNGD?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.40 over the last year and -0.51 over 5 years.
Is FNGD a good diversifier for ASAN?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
A reading of -0.39 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/asan-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asan-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASAN correlations · FNGD correlations
