ASO vs FNGD: Correlation
Measured on weekly returns over the past three years, Academy Sports and Outdoors, Inc. (ASO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and FNGD?
Across a 3-year window, the weekly returns of ASO and FNGD correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.27). Stretching to 5 years gives -0.38, with an annualized covariance of -802.4 %².
FNGD is close to the least connected end of ASO's tracked universe, ranking #14 of 16. Their recent paths diverged sharply: over the last 12 months ASO outperformed by 32.2 percentage points (-23.5% for ASO against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 1.9 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.
ASO vs FNGD: side by side
| ASO (Academy Sports and Outdoors, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -23.5% | -55.7% |
| 5-year return | +2.0% | -99.4% |
| Volatility (ann.) | 39.7% | 75.7% |
| Beta vs S&P 500 | 1.26 | -4.54 |
| Max drawdown (3Y) | -54.2% | -97.6% |
| Market cap | $2.6B | – |
| P/E (trailing) | 7.7 | 20.6 |
| Dividend yield | 1.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASO | FNGD |
|---|---|---|
| 2022 | +20.6% | +52.2% |
| 2023 | +26.4% | -90.1% |
| 2024 | -12.2% | -76.6% |
| 2025 | -12.2% | -61.4% |
| 2026 | -14.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and FNGD good diversifiers for each other?
Yes. With a correlation of -0.27, ASO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASO and FNGD?
As of 2026-08-27, the correlation of weekly returns between ASO and FNGD is -0.27 over 3 years, -0.12 over 1 year and -0.38 over 5 years.
Is FNGD a good diversifier for ASO?
Yes. With a correlation of -0.27, ASO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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
$ curl https://www.pairbook.io/api/v1/pairs/aso-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aso-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASO correlations · FNGD correlations
