CALX vs FNGD: Correlation
Measured on weekly returns over the past three years, Calix, Inc (CALX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALX and FNGD?
Over the past 3 years, CALX and FNGD moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.31). Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -997.5 %².
Out of 10 assets tracked against CALX, FNGD lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with CALX ahead by 19.2 points (-36.5% versus -55.7%). Note the risk asymmetry: FNGD runs 1.8 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.
CALX vs FNGD: side by side
| CALX (Calix, Inc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -36.5% | -55.7% |
| 5-year return | -20.0% | -99.4% |
| Volatility (ann.) | 42.1% | 75.7% |
| Beta vs S&P 500 | 1.14 | -4.54 |
| Max drawdown (3Y) | -48.6% | -97.6% |
| Market cap | $2.4B | – |
| P/E (trailing) | 50.3 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CALX | FNGD |
|---|---|---|
| 2022 | -14.4% | +52.2% |
| 2023 | -36.2% | -90.1% |
| 2024 | -20.2% | -76.6% |
| 2025 | +51.8% | -61.4% |
| 2026 | -28.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALX and FNGD good diversifiers for each other?
Yes. With a correlation of -0.31, CALX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CALX and FNGD?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.19 over the last year and -0.35 over 5 years.
Is FNGD a good diversifier for CALX?
Yes. With a correlation of -0.31, CALX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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/calx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/calx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CALX correlations · FNGD correlations
