AVPT vs FNGD: Correlation
How closely do AvePoint, Inc. (AVPT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVPT and FNGD?
On 3 years of weekly data the AVPT/FNGD correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.43 over 3. The 5-year figure is -0.49, and annualized covariance runs at -1331.8 %².
FNGD is close to the least connected end of AVPT's tracked universe, ranking #25 of 25. Correlation aside, the last 12 months split them widely, with AVPT ahead by 46.2 points (-9.5% versus -55.7%). Note the risk asymmetry: FNGD runs 1.8 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.
AVPT vs FNGD: side by side
| AVPT (AvePoint, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -9.5% | -55.7% |
| 5-year return | +57.7% | -99.4% |
| Volatility (ann.) | 41.3% | 75.7% |
| Beta vs S&P 500 | 1.18 | -4.54 |
| Max drawdown (3Y) | -55.0% | -97.6% |
| Market cap | $3.0B | – |
| P/E (trailing) | 42.1 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVPT | FNGD |
|---|---|---|
| 2022 | -34.7% | +52.2% |
| 2023 | +99.8% | -90.1% |
| 2024 | +101.1% | -76.6% |
| 2025 | -15.9% | -61.4% |
| 2026 | +3.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVPT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.43, AVPT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AVPT and FNGD?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.35 over the last year and -0.49 over 5 years.
Is FNGD a good diversifier for AVPT?
Yes. With a correlation of -0.43, AVPT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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: AVPT correlations · FNGD correlations
