CET vs FNGD: Correlation
How closely do Central Securities Corporation (CET) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.70, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CET and FNGD?
On 3 years of weekly data the CET/FNGD correlation comes out at -0.70, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.61 over 1 year against -0.70 over 3. The 5-year figure is -0.64, and annualized covariance runs at -679.4 %².
Among the 38 assets we track against CET, FNGD sits near the bottom by co-movement, at rank #36. Their recent paths diverged sharply: over the last 12 months CET outperformed by 71.4 percentage points (+15.7% for CET against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 5.9 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.
CET vs FNGD: side by side
| CET (Central Securities Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +15.7% | -55.7% |
| 5-year return | +73.3% | -99.4% |
| Volatility (ann.) | 12.8% | 75.7% |
| Beta vs S&P 500 | 0.78 | -4.54 |
| Max drawdown (3Y) | -15.4% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 7.3 | 20.6 |
| Dividend yield | 5.03% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CET | FNGD |
|---|---|---|
| 2022 | -19.7% | +52.2% |
| 2023 | +19.2% | -90.1% |
| 2024 | +26.8% | -76.6% |
| 2025 | +17.2% | -61.4% |
| 2026 | +8.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CET and FNGD good diversifiers for each other?
Yes. With a correlation of -0.70, CET and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CET and FNGD?
Using weekly returns as of 2026-08-27: -0.70 over 3 years, with -0.61 over the last year and -0.64 over 5 years.
Is FNGD a good diversifier for CET?
Yes. With a correlation of -0.70, CET and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.70 mean?
On the −1 to +1 scale, -0.70 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: CET correlations · FNGD correlations
