CARR vs FNGD: Correlation
Measured on weekly returns over the past three years, Carrier Global (CARR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and FNGD?
Over the past 3 years, CARR and FNGD moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.06) than the 3-year average (-0.35). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -868.2 %².
FNGD is close to the least connected end of CARR's tracked universe, ranking #27 of 29. Correlation aside, the last 12 months split them widely, with CARR ahead by 44.1 points (-11.6% versus -55.7%). Risk is not evenly split, since FNGD carries 2.3 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.
CARR vs FNGD: side by side
| CARR (Carrier Global) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -11.6% | -55.7% |
| 5-year return | +8.8% | -99.4% |
| Volatility (ann.) | 32.6% | 75.7% |
| Beta vs S&P 500 | 1.21 | -4.54 |
| Max drawdown (3Y) | -38.1% | -97.6% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | 20.6 |
| Dividend yield | 1.61% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CARR | FNGD |
|---|---|---|
| 2022 | -22.7% | +52.2% |
| 2023 | +41.5% | -90.1% |
| 2024 | +20.3% | -76.6% |
| 2025 | -21.8% | -61.4% |
| 2026 | +12.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and FNGD good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CARR and FNGD?
As of 2026-08-27, the correlation of weekly returns between CARR and FNGD is -0.35 over 3 years, -0.06 over 1 year and -0.42 over 5 years.
Is FNGD a good diversifier for CARR?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
A reading of -0.35 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/carr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/carr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CARR correlations · FNGD correlations
