ASUR vs FNGD: Correlation
How closely do Asure Software Inc (ASUR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASUR and FNGD?
Over the past 3 years, ASUR and FNGD moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.28 over 3 years. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -997.9 %².
Among the 10 assets we track against ASUR, FNGD sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with ASUR ahead by 62.7 points (+7.0% versus -55.7%). Risk is not evenly split, since FNGD carries 1.6 times the volatility of the other side.
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.
ASUR vs FNGD: side by side
| ASUR (Asure Software Inc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +7.0% | -55.7% |
| 5-year return | +0.4% | -99.4% |
| Volatility (ann.) | 47.0% | 75.7% |
| Beta vs S&P 500 | 1.16 | -4.54 |
| Max drawdown (3Y) | -45.8% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASUR | FNGD |
|---|---|---|
| 2022 | +19.3% | +52.2% |
| 2023 | +1.9% | -90.1% |
| 2024 | -1.2% | -76.6% |
| 2025 | +0.1% | -61.4% |
| 2026 | -4.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASUR and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between ASUR and FNGD?
The ASUR/FNGD correlation stands at -0.28 on a 3-year window (1 year: -0.44, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ASUR?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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.
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Related comparisons
Hubs: ASUR correlations · FNGD correlations
