ASM vs FNGD: Correlation
How closely do Avino Silver & Gold Mines Ltd. (ASM) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASM and FNGD?
Over the past 3 years, ASM and FNGD moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -1691.6 %².
Out of 14 assets tracked against ASM, FNGD lands near the bottom at #14. The last year tells two different stories: ASM led by 131.8 percentage points, +76.1% for ASM 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.
ASM vs FNGD: side by side
| ASM (Avino Silver & Gold Mines Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +76.1% | -55.7% |
| 5-year return | +657.8% | -99.4% |
| Volatility (ann.) | 77.8% | 75.7% |
| Beta vs S&P 500 | 1.95 | -4.54 |
| Max drawdown (3Y) | -53.1% | -97.6% |
| Market cap | $1.3B | – |
| P/E (trailing) | 28.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASM | FNGD |
|---|---|---|
| 2022 | -20.9% | +52.2% |
| 2023 | -23.5% | -90.1% |
| 2024 | +69.2% | -76.6% |
| 2025 | +605.7% | -61.4% |
| 2026 | +24.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASM and FNGD good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ASM and FNGD?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.34 over the last year and -0.27 over 5 years.
Is FNGD a good diversifier for ASM?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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/asm-vs-fngd.json
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Related comparisons
Hubs: ASM correlations · FNGD correlations
