CENX vs FNGD: Correlation
Century Aluminum Company (CENX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CENX and FNGD?
On 3 years of weekly data the CENX/FNGD correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.22) than the 3-year average (-0.33). The 5-year figure is -0.36, and annualized covariance runs at -1663.2 %².
Out of 12 assets tracked against CENX, FNGD lands near the bottom at #10. The last year tells two different stories: CENX led by 157.9 percentage points, +102.2% for CENX 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.
CENX vs FNGD: side by side
| CENX (Century Aluminum Company) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +102.2% | -55.7% |
| 5-year return | +270.4% | -99.4% |
| Volatility (ann.) | 67.1% | 75.7% |
| Beta vs S&P 500 | 2.12 | -4.54 |
| Max drawdown (3Y) | -42.8% | -97.6% |
| Market cap | $4.5B | – |
| P/E (trailing) | 7.9 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CENX | FNGD |
|---|---|---|
| 2022 | -50.6% | +52.2% |
| 2023 | +48.4% | -90.1% |
| 2024 | +50.1% | -76.6% |
| 2025 | +115.0% | -61.4% |
| 2026 | +17.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CENX and FNGD good diversifiers for each other?
Yes. With a correlation of -0.33, CENX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CENX and FNGD?
As of 2026-08-27, the correlation of weekly returns between CENX and FNGD is -0.33 over 3 years, -0.22 over 1 year and -0.36 over 5 years.
Is FNGD a good diversifier for CENX?
Yes. With a correlation of -0.33, CENX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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/cenx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cenx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CENX correlations · FNGD correlations
