CARS vs FNGD: Correlation
How closely do Cars.com Inc. (CARS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARS and FNGD?
Across a 3-year window, the weekly returns of CARS and FNGD correlate at -0.38, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -1209.1 %².
Out of 14 assets tracked against CARS, FNGD lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with CARS ahead by 45.1 points (-10.6% versus -55.7%). One caveat on sizing: FNGD is 1.8 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.
CARS vs FNGD: side by side
| CARS (Cars.com Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -10.6% | -55.7% |
| 5-year return | -7.8% | -99.4% |
| Volatility (ann.) | 42.1% | 75.7% |
| Beta vs S&P 500 | 1.42 | -4.54 |
| Max drawdown (3Y) | -63.4% | -97.6% |
| Market cap | $0.6B | – |
| P/E (trailing) | 21.0 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CARS | FNGD |
|---|---|---|
| 2022 | -14.4% | +52.2% |
| 2023 | +37.8% | -90.1% |
| 2024 | -8.6% | -76.6% |
| 2025 | -29.6% | -61.4% |
| 2026 | -3.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARS and FNGD good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CARS and FNGD?
The CARS/FNGD correlation stands at -0.38 on a 3-year window (1 year: -0.32, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CARS?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cars-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cars-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CARS correlations · FNGD correlations
