CDW vs FNGD: Correlation
Measured on weekly returns over the past three years, CDW Corporation (CDW) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDW and FNGD?
On 3 years of weekly data the CDW/FNGD correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.30). The 5-year figure is -0.38, and annualized covariance runs at -779.0 %².
FNGD is close to the least connected end of CDW's tracked universe, ranking #37 of 40. Their recent paths diverged sharply: over the last 12 months CDW outperformed by 47.7 percentage points (-8.0% for CDW against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.2 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.
CDW vs FNGD: side by side
| CDW (CDW Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -8.0% | -55.7% |
| 5-year return | -20.5% | -99.4% |
| Volatility (ann.) | 34.2% | 75.7% |
| Beta vs S&P 500 | 1.01 | -4.54 |
| Max drawdown (3Y) | -60.4% | -97.6% |
| Market cap | $18.6B | – |
| P/E (trailing) | 17.0 | 20.6 |
| Dividend yield | 1.78% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CDW | FNGD |
|---|---|---|
| 2022 | -11.7% | +52.2% |
| 2023 | +28.8% | -90.1% |
| 2024 | -22.6% | -76.6% |
| 2025 | -20.6% | -61.4% |
| 2026 | +11.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDW and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between CDW and FNGD?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.07 over the last year and -0.38 over 5 years.
Is FNGD a good diversifier for CDW?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdw-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdw-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDW correlations · FNGD correlations
