ATS vs FNGD: Correlation
ATS Corporation (ATS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATS and FNGD?
Across a 3-year window, the weekly returns of ATS and FNGD correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.27). Stretching to 5 years gives -0.33, with an annualized covariance of -789.8 %².
Out of 10 assets tracked against ATS, FNGD lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months ATS outperformed by 27.2 percentage points (-28.5% for ATS against -55.7% for FNGD). One caveat on sizing: FNGD is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ATS vs FNGD: side by side
| ATS (ATS Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -28.5% | -55.7% |
| 5-year return | -46.0% | -99.4% |
| Volatility (ann.) | 38.0% | 75.7% |
| Beta vs S&P 500 | 1.06 | -4.54 |
| Max drawdown (3Y) | -57.3% | -97.6% |
| Market cap | $1.9B | – |
| P/E (trailing) | 57.1 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATS | FNGD |
|---|---|---|
| 2022 | -22.1% | +52.2% |
| 2023 | +39.2% | -90.1% |
| 2024 | -29.2% | -76.6% |
| 2025 | -9.6% | -61.4% |
| 2026 | -29.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATS and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between ATS and FNGD?
As of 2026-08-27, the correlation of weekly returns between ATS and FNGD is -0.27 over 3 years, -0.13 over 1 year and -0.33 over 5 years.
Is FNGD a good diversifier for ATS?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
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.
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Related comparisons
Hubs: ATS correlations · FNGD correlations
