CEG vs FNGD: Correlation
How closely do Constellation Energy (CEG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEG and FNGD?
On 3 years of weekly data the CEG/FNGD correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.20) than the 3-year average (-0.42). The 5-year figure is -0.34, and annualized covariance runs at -1646.5 %².
FNGD is close to the least connected end of CEG's tracked universe, ranking #32 of 32. Their recent paths diverged sharply: over the last 12 months CEG outperformed by 45.6 percentage points (-10.1% for CEG against -55.7% for FNGD).
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.
CEG vs FNGD: side by side
| CEG (Constellation Energy) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -10.1% | -55.7% |
| 5-year return | +598.5% | -99.4% |
| Volatility (ann.) | 52.1% | 75.7% |
| Beta vs S&P 500 | 1.42 | -4.54 |
| Max drawdown (3Y) | -50.7% | -97.6% |
| Market cap | $100.1B | – |
| P/E (trailing) | 27.3 | 20.6 |
| Dividend yield | 0.58% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | CEG | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +37.2% | -90.1% |
| 2024 | +92.7% | -76.6% |
| 2025 | +58.8% | -61.4% |
| 2026 | -19.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEG and FNGD good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CEG and FNGD?
The CEG/FNGD correlation stands at -0.42 on a 3-year window (1 year: -0.20, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CEG?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
A reading of -0.42 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
$ curl https://www.pairbook.io/api/v1/pairs/ceg-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ceg-vs-fngd/)
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Related comparisons
Hubs: CEG correlations · FNGD correlations
