ASPI vs FNGD: Correlation
ASP Isotopes Inc. (ASPI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASPI and FNGD?
Over the past 3 years, ASPI and FNGD moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.52 versus -0.38 over 3 years. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -2958.6 %².
FNGD is close to the least connected end of ASPI's tracked universe, ranking #11 of 11. Twelve-month performance is nearly a tie, at -59.9% for ASPI and -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.
ASPI vs FNGD: side by side
| ASPI (ASP Isotopes Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -59.9% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 103.1% | 75.7% |
| Beta vs S&P 500 | 2.30 | -4.54 |
| Max drawdown (3Y) | -74.8% | -97.6% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASPI | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +13.3% | -90.1% |
| 2024 | +153.1% | -76.6% |
| 2025 | +18.1% | -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 ASPI and FNGD good diversifiers for each other?
Yes. With a correlation of -0.38, ASPI and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASPI and FNGD?
The ASPI/FNGD correlation stands at -0.38 on a 3-year window (1 year: -0.52, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ASPI?
Yes. With a correlation of -0.38, ASPI and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/aspi-vs-fngd.json
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[](https://www.pairbook.io/pair/aspi-vs-fngd/)
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Related comparisons
Hubs: ASPI correlations · FNGD correlations
