C vs FNGD: Correlation
Measured on weekly returns over the past three years, Citigroup (C) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are C and FNGD?
Across a 3-year window, the weekly returns of C and FNGD correlate at -0.47, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.26) than the 3-year average (-0.47). Stretching to 5 years gives -0.42, with an annualized covariance of -1082.2 %².
Out of 33 assets tracked against C, FNGD lands near the bottom at #31. Their recent paths diverged sharply: over the last 12 months C outperformed by 95.6 percentage points (+39.9% for C against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.5 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.
C vs FNGD: side by side
| C (Citigroup) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +39.9% | -55.7% |
| 5-year return | +119.6% | -99.4% |
| Volatility (ann.) | 30.3% | 75.7% |
| Beta vs S&P 500 | 1.39 | -4.54 |
| Max drawdown (3Y) | -31.3% | -97.6% |
| Market cap | $222.6B | – |
| P/E (trailing) | 14.4 | 20.6 |
| Dividend yield | 1.80% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | C | FNGD |
|---|---|---|
| 2022 | -22.1% | +52.2% |
| 2023 | +19.0% | -90.1% |
| 2024 | +41.9% | -76.6% |
| 2025 | +70.4% | -61.4% |
| 2026 | +15.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are C and FNGD good diversifiers for each other?
Yes. With a correlation of -0.47, C and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between C and FNGD?
The C/FNGD correlation stands at -0.47 on a 3-year window (1 year: -0.26, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for C?
Yes. With a correlation of -0.47, C and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.47 mean?
A reading of -0.47 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/c-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/c-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: C correlations · FNGD correlations
