CFG vs FNGD: Correlation
How closely do Citizens Financial Group (CFG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFG and FNGD?
On 3 years of weekly data the CFG/FNGD correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.06) runs above the 3-year figure (-0.24). The 5-year figure is -0.30, and annualized covariance runs at -563.0 %².
FNGD is close to the least connected end of CFG's tracked universe, ranking #44 of 46. Correlation aside, the last 12 months split them widely, with CFG ahead by 95.0 points (+39.3% versus -55.7%). Risk is not evenly split, since FNGD carries 2.4 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.
CFG vs FNGD: side by side
| CFG (Citizens Financial Group) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +39.3% | -55.7% |
| 5-year return | +98.3% | -99.4% |
| Volatility (ann.) | 31.0% | 75.7% |
| Beta vs S&P 500 | 1.16 | -4.54 |
| Max drawdown (3Y) | -29.1% | -97.6% |
| Market cap | $29.6B | – |
| P/E (trailing) | 15.4 | 20.6 |
| Dividend yield | 2.55% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CFG | FNGD |
|---|---|---|
| 2022 | -13.4% | +52.2% |
| 2023 | -11.0% | -90.1% |
| 2024 | +38.0% | -76.6% |
| 2025 | +38.6% | -61.4% |
| 2026 | +22.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFG and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, CFG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CFG and FNGD?
The CFG/FNGD correlation stands at -0.24 on a 3-year window (1 year: 0.06, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CFG?
Yes. With a correlation of -0.24, CFG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/cfg-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cfg-vs-fngd/)
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Related comparisons
Hubs: CFG correlations · FNGD correlations
