ATLC vs FNGD: Correlation
Atlanticus Holdings Corporation (ATLC) 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 ATLC and FNGD?
Over the past 3 years, ATLC and FNGD moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.20) runs above the 3-year figure (-0.38). Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -1434.6 %².
Out of 13 assets tracked against ATLC, FNGD lands near the bottom at #11. The last year tells two different stories: ATLC led by 96.1 percentage points, +40.4% for ATLC against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 1.5 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.
ATLC vs FNGD: side by side
| ATLC (Atlanticus Holdings Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +40.4% | -55.7% |
| 5-year return | +58.2% | -99.4% |
| Volatility (ann.) | 49.7% | 75.7% |
| Beta vs S&P 500 | 1.55 | -4.54 |
| Max drawdown (3Y) | -39.5% | -97.6% |
| Market cap | $1.4B | – |
| P/E (trailing) | 12.1 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATLC | FNGD |
|---|---|---|
| 2022 | -63.3% | +52.2% |
| 2023 | +47.6% | -90.1% |
| 2024 | +44.2% | -76.6% |
| 2025 | +20.0% | -61.4% |
| 2026 | +39.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATLC and FNGD good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ATLC and FNGD?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.20 over the last year and -0.45 over 5 years.
Is FNGD a good diversifier for ATLC?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/atlc-vs-fngd.json
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[](https://www.pairbook.io/pair/atlc-vs-fngd/)
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Related comparisons
Hubs: ATLC correlations · FNGD correlations
