CEE vs FNGD: Correlation
The Central and Eastern Europe Fund, Inc. (The) (CEE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEE and FNGD?
On 3 years of weekly data the CEE/FNGD correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.38 over 3. The 5-year figure is -0.29, and annualized covariance runs at -870.8 %².
Among the 12 assets we track against CEE, FNGD sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months CEE outperformed by 76.5 percentage points (+20.8% for CEE against -55.7% for FNGD). One caveat on sizing: FNGD is 2.5 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.
CEE vs FNGD: side by side
| CEE (The Central and Eastern Europe Fund, Inc. (The)) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +20.8% | -55.7% |
| 5-year return | -16.3% | -99.4% |
| Volatility (ann.) | 30.5% | 75.7% |
| Beta vs S&P 500 | 1.06 | -4.54 |
| Max drawdown (3Y) | -22.2% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | 20.6 |
| Dividend yield | 1.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEE | FNGD |
|---|---|---|
| 2022 | -67.8% | +52.2% |
| 2023 | +22.6% | -90.1% |
| 2024 | +15.5% | -76.6% |
| 2025 | +65.6% | -61.4% |
| 2026 | +12.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEE and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between CEE and FNGD?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.29 over the last year and -0.29 over 5 years.
Is FNGD a good diversifier for CEE?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
A reading of -0.38 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: CEE correlations · FNGD correlations
