AWP vs FNGD: Correlation
Measured on weekly returns over the past three years, abrdn Global Premier Properties Fund (AWP) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWP and FNGD?
Across a 3-year window, the weekly returns of AWP and FNGD correlate at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.21 over 3. Stretching to 5 years gives -0.37, with an annualized covariance of -361.3 %².
Among the 16 assets we track against AWP, FNGD sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months AWP outperformed by 65.8 percentage points (+10.1% for AWP against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 3.3 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.
AWP vs FNGD: side by side
| AWP (abrdn Global Premier Properties Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +10.1% | -55.7% |
| 5-year return | +2.9% | -99.4% |
| Volatility (ann.) | 23.0% | 75.7% |
| Beta vs S&P 500 | 0.73 | -4.54 |
| Max drawdown (3Y) | -23.1% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | 6.6 | 20.6 |
| Dividend yield | 12.21% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWP | FNGD |
|---|---|---|
| 2022 | -37.1% | +52.2% |
| 2023 | +12.6% | -90.1% |
| 2024 | +12.2% | -76.6% |
| 2025 | +12.4% | -61.4% |
| 2026 | +10.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWP and FNGD good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AWP and FNGD?
The AWP/FNGD correlation stands at -0.21 on a 3-year window (1 year: -0.19, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AWP?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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
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Related comparisons
Hubs: AWP correlations · FNGD correlations
