AXP vs FNGD: Correlation
Measured on weekly returns over the past three years, American Express (AXP) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXP and FNGD?
Over the past 3 years, AXP and FNGD moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.36) than the 3-year average (-0.48). Over 5 years the correlation is -0.52, and the annualized covariance of weekly returns is -967.7 %².
FNGD is close to the least connected end of AXP's tracked universe, ranking #33 of 35. Correlation aside, the last 12 months split them widely, with AXP ahead by 60.4 points (+4.7% versus -55.7%). One caveat on sizing: FNGD is 2.8 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.
AXP vs FNGD: side by side
| AXP (American Express) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +4.7% | -55.7% |
| 5-year return | +116.2% | -99.4% |
| Volatility (ann.) | 26.6% | 75.7% |
| Beta vs S&P 500 | 1.20 | -4.54 |
| Max drawdown (3Y) | -28.8% | -97.6% |
| Market cap | $225.7B | – |
| P/E (trailing) | 20.4 | 20.6 |
| Dividend yield | 1.05% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | AXP | FNGD |
|---|---|---|
| 2022 | -8.5% | +52.2% |
| 2023 | +28.7% | -90.1% |
| 2024 | +60.3% | -76.6% |
| 2025 | +26.0% | -61.4% |
| 2026 | -8.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXP and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between AXP and FNGD?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.36 over the last year and -0.52 over 5 years.
Is FNGD a good diversifier for AXP?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 mean?
A reading of -0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axp-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/axp-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXP correlations · FNGD correlations
