ASTH vs FNGD: Correlation
Measured on weekly returns over the past three years, Astrana Health Inc. (ASTH) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASTH and FNGD?
On 3 years of weekly data the ASTH/FNGD correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. The 5-year figure is -0.30, and annualized covariance runs at -947.0 %².
Among the 15 assets we track against ASTH, FNGD sits near the bottom by co-movement, at rank #14. The last year tells two different stories: ASTH led by 78.8 percentage points, +23.1% for ASTH 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.
ASTH vs FNGD: side by side
| ASTH (Astrana Health Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +23.1% | -55.7% |
| 5-year return | -46.1% | -99.4% |
| Volatility (ann.) | 56.8% | 75.7% |
| Beta vs S&P 500 | 1.15 | -4.54 |
| Max drawdown (3Y) | -71.0% | -97.6% |
| Market cap | $1.9B | – |
| P/E (trailing) | 47.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASTH | FNGD |
|---|---|---|
| 2022 | -59.7% | +52.2% |
| 2023 | +29.4% | -90.1% |
| 2024 | -17.7% | -76.6% |
| 2025 | -21.3% | -61.4% |
| 2026 | +54.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASTH and FNGD good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ASTH and FNGD?
The ASTH/FNGD correlation stands at -0.22 on a 3-year window (1 year: -0.23, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ASTH?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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/asth-vs-fngd.json
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[](https://www.pairbook.io/pair/asth-vs-fngd/)
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Related comparisons
Hubs: ASTH correlations · FNGD correlations
