ASB vs FNGD: Correlation
Associated Banc-Corp (ASB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and FNGD?
On 3 years of weekly data the ASB/FNGD correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.04) than the 3-year average (-0.24). The 5-year figure is -0.25, and annualized covariance runs at -531.9 %².
Among the 47 assets we track against ASB, FNGD sits near the bottom by co-movement, at rank #45. Correlation aside, the last 12 months split them widely, with ASB ahead by 74.2 points (+18.5% versus -55.7%). Risk is not evenly split, since FNGD carries 2.6 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.
ASB vs FNGD: side by side
| ASB (Associated Banc-Corp) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +18.5% | -55.7% |
| 5-year return | +82.7% | -99.4% |
| Volatility (ann.) | 29.0% | 75.7% |
| Beta vs S&P 500 | 1.03 | -4.54 |
| Max drawdown (3Y) | -31.6% | -97.6% |
| Market cap | $5.8B | – |
| P/E (trailing) | 10.8 | 20.6 |
| Dividend yield | 3.08% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASB | FNGD |
|---|---|---|
| 2022 | +6.0% | +52.2% |
| 2023 | -2.9% | -90.1% |
| 2024 | +16.2% | -76.6% |
| 2025 | +11.8% | -61.4% |
| 2026 | +21.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, ASB and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASB and FNGD?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.04 over the last year and -0.25 over 5 years.
Is FNGD a good diversifier for ASB?
Yes. With a correlation of -0.24, ASB and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/asb-vs-fngd.json
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Related comparisons
Hubs: ASB correlations · FNGD correlations
