AXON vs FNGD: Correlation
Axon Enterprise (AXON) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and FNGD?
Across a 3-year window, the weekly returns of AXON and FNGD correlate at -0.40, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.28) runs above the 3-year figure (-0.40). Stretching to 5 years gives -0.42, with an annualized covariance of -1732.6 %².
Among the 35 assets we track against AXON, FNGD sits near the bottom by co-movement, at rank #35. The last year tells two different stories: AXON led by 35.1 percentage points, -20.6% for AXON against -55.7% for FNGD.
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.
AXON vs FNGD: side by side
| AXON (Axon Enterprise) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -20.6% | -55.7% |
| 5-year return | +216.9% | -99.4% |
| Volatility (ann.) | 57.4% | 75.7% |
| Beta vs S&P 500 | 1.51 | -4.54 |
| Max drawdown (3Y) | -60.3% | -97.6% |
| Market cap | $49.7B | – |
| P/E (trailing) | 250.5 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AXON | FNGD |
|---|---|---|
| 2022 | +5.7% | +52.2% |
| 2023 | +55.7% | -90.1% |
| 2024 | +130.1% | -76.6% |
| 2025 | -4.4% | -61.4% |
| 2026 | +7.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and FNGD good diversifiers for each other?
Yes. With a correlation of -0.40, AXON and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AXON and FNGD?
The AXON/FNGD correlation stands at -0.40 on a 3-year window (1 year: -0.28, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for AXON?
Yes. With a correlation of -0.40, AXON and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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: AXON correlations · FNGD correlations
