ASG vs FNGD: Correlation
Measured on weekly returns over the past three years, Liberty All-Star Growth Fund, Inc. (ASG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.74, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASG and FNGD?
On 3 years of weekly data the ASG/FNGD correlation comes out at -0.74, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.71) sits close to the 3-year figure. The 5-year figure is -0.71, and annualized covariance runs at -1030.6 %².
Out of 52 assets tracked against ASG, FNGD lands near the bottom at #52. Their recent paths diverged sharply: over the last 12 months ASG outperformed by 59.0 percentage points (+3.3% for ASG against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 4.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ASG vs FNGD: side by side
| ASG (Liberty All-Star Growth Fund, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +3.3% | -55.7% |
| 5-year return | -5.6% | -99.4% |
| Volatility (ann.) | 18.3% | 75.7% |
| Beta vs S&P 500 | 1.12 | -4.54 |
| Max drawdown (3Y) | -25.3% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 23.9 | 20.6 |
| Dividend yield | 8.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASG | FNGD |
|---|---|---|
| 2022 | -40.9% | +52.2% |
| 2023 | +16.2% | -90.1% |
| 2024 | +16.8% | -76.6% |
| 2025 | +2.2% | -61.4% |
| 2026 | +6.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASG and FNGD good diversifiers for each other?
Yes: at -0.74, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ASG and FNGD?
As of 2026-08-27, the correlation of weekly returns between ASG and FNGD is -0.74 over 3 years, -0.71 over 1 year and -0.71 over 5 years.
Is FNGD a good diversifier for ASG?
Yes: at -0.74, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.74 mean?
A reading of -0.74 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
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: ASG correlations · FNGD correlations
