ASH vs FNGD: Correlation
How closely do Ashland Inc. (ASH) 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 ASH and FNGD?
Across a 3-year window, the weekly returns of ASH and FNGD correlate at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.27 over 3. Stretching to 5 years gives -0.35, with an annualized covariance of -645.8 %².
Out of 12 assets tracked against ASH, FNGD lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months ASH outperformed by 90.4 percentage points (+34.7% for ASH against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.4 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.
ASH vs FNGD: side by side
| ASH (Ashland Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +34.7% | -55.7% |
| 5-year return | -6.5% | -99.4% |
| Volatility (ann.) | 31.6% | 75.7% |
| Beta vs S&P 500 | 0.98 | -4.54 |
| Max drawdown (3Y) | -53.3% | -97.6% |
| Market cap | $3.4B | – |
| P/E (trailing) | 47.7 | 20.6 |
| Dividend yield | 2.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASH | FNGD |
|---|---|---|
| 2022 | +1.1% | +52.2% |
| 2023 | -20.2% | -90.1% |
| 2024 | -13.7% | -76.6% |
| 2025 | -15.4% | -61.4% |
| 2026 | +27.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASH and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between ASH and FNGD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.20 over the last year and -0.35 over 5 years.
Is FNGD a good diversifier for ASH?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
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
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Related comparisons
Hubs: ASH correlations · FNGD correlations
