AX vs FNGD: Correlation
Axos Financial, Inc. (AX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AX and FNGD?
Across a 3-year window, the weekly returns of AX and FNGD correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.05) runs above the 3-year figure (-0.21). Stretching to 5 years gives -0.33, with an annualized covariance of -619.8 %².
FNGD is close to the least connected end of AX's tracked universe, ranking #13 of 15. Correlation aside, the last 12 months split them widely, with AX ahead by 61.2 points (+5.5% versus -55.7%). Note the risk asymmetry: FNGD runs 2.0 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.
AX vs FNGD: side by side
| AX (Axos Financial, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +5.5% | -55.7% |
| 5-year return | +99.7% | -99.4% |
| Volatility (ann.) | 38.3% | 75.7% |
| Beta vs S&P 500 | 1.12 | -4.54 |
| Max drawdown (3Y) | -34.9% | -97.6% |
| Market cap | $5.5B | – |
| P/E (trailing) | 11.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AX | FNGD |
|---|---|---|
| 2022 | -31.6% | +52.2% |
| 2023 | +42.9% | -90.1% |
| 2024 | +27.9% | -76.6% |
| 2025 | +23.4% | -61.4% |
| 2026 | +13.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between AX and FNGD?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.05 over the last year and -0.33 over 5 years.
Is FNGD a good diversifier for AX?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
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
$ curl https://www.pairbook.io/api/v1/pairs/ax-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ax-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AX correlations · FNGD correlations
