CBT vs FNGD: Correlation
Measured on weekly returns over the past three years, Cabot Corporation (CBT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBT and FNGD?
On 3 years of weekly data the CBT/FNGD correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.10) runs above the 3-year figure (-0.26). The 5-year figure is -0.33, and annualized covariance runs at -552.1 %².
Among the 15 assets we track against CBT, FNGD sits near the bottom by co-movement, at rank #13. The last year tells two different stories: CBT led by 61.4 percentage points, +5.7% for CBT against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 2.7 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.
CBT vs FNGD: side by side
| CBT (Cabot Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +5.7% | -55.7% |
| 5-year return | +73.1% | -99.4% |
| Volatility (ann.) | 28.5% | 75.7% |
| Beta vs S&P 500 | 0.84 | -4.54 |
| Max drawdown (3Y) | -48.8% | -97.6% |
| Market cap | $4.4B | – |
| P/E (trailing) | 23.7 | 20.6 |
| Dividend yield | 2.16% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBT | FNGD |
|---|---|---|
| 2022 | +21.4% | +52.2% |
| 2023 | +27.6% | -90.1% |
| 2024 | +11.3% | -76.6% |
| 2025 | -25.7% | -61.4% |
| 2026 | +29.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBT and FNGD good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CBT and FNGD?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.10 over the last year and -0.33 over 5 years.
Is FNGD a good diversifier for CBT?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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
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Related comparisons
Hubs: CBT correlations · FNGD correlations
