CCNE vs FNGD: Correlation
Measured on weekly returns over the past three years, CNB Financial Corporation (CCNE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCNE and FNGD?
Over the past 3 years, CCNE and FNGD moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.09 versus -0.20 over 3 years. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -434.4 %².
FNGD is close to the least connected end of CCNE's tracked universe, ranking #25 of 27. Correlation aside, the last 12 months split them widely, with CCNE ahead by 85.9 points (+30.2% versus -55.7%). Risk is not evenly split, since FNGD carries 2.6 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.
CCNE vs FNGD: side by side
| CCNE (CNB Financial Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +30.2% | -55.7% |
| 5-year return | +61.1% | -99.4% |
| Volatility (ann.) | 29.0% | 75.7% |
| Beta vs S&P 500 | 0.84 | -4.54 |
| Max drawdown (3Y) | -29.7% | -97.6% |
| Market cap | $1.0B | – |
| P/E (trailing) | 10.6 | 20.6 |
| Dividend yield | 2.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCNE | FNGD |
|---|---|---|
| 2022 | -7.8% | +52.2% |
| 2023 | -1.6% | -90.1% |
| 2024 | +13.6% | -76.6% |
| 2025 | +8.4% | -61.4% |
| 2026 | +31.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCNE and FNGD good diversifiers for each other?
Yes. With a correlation of -0.20, CCNE and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CCNE and FNGD?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with 0.09 over the last year and -0.19 over 5 years.
Is FNGD a good diversifier for CCNE?
Yes. With a correlation of -0.20, CCNE and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/ccne-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ccne-vs-fngd/)
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Related comparisons
Hubs: CCNE correlations · FNGD correlations
