CCO vs FNGD: Correlation
How closely do Clear Channel Outdoor Holdings, Inc. (CCO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCO and FNGD?
On 3 years of weekly data the CCO/FNGD correlation comes out at -0.25, 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 -0.25 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -908.5 %².
Among the 11 assets we track against CCO, FNGD sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with CCO ahead by 143.9 points (+88.2% versus -55.7%). Note the risk asymmetry: FNGD runs 1.6 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.
CCO vs FNGD: side by side
| CCO (Clear Channel Outdoor Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +88.2% | -55.7% |
| 5-year return | -6.3% | -99.4% |
| Volatility (ann.) | 48.4% | 75.7% |
| Beta vs S&P 500 | 1.25 | -4.54 |
| Max drawdown (3Y) | -57.1% | -97.6% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCO | FNGD |
|---|---|---|
| 2022 | -68.3% | +52.2% |
| 2023 | +73.3% | -90.1% |
| 2024 | -24.7% | -76.6% |
| 2025 | +61.3% | -61.4% |
| 2026 | +8.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCO and FNGD good diversifiers for each other?
Yes. With a correlation of -0.25, CCO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CCO and FNGD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.09 over the last year and -0.33 over 5 years.
Is FNGD a good diversifier for CCO?
Yes. With a correlation of -0.25, CCO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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.
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Related comparisons
Hubs: CCO correlations · FNGD correlations
