CG vs FNGD: Correlation
The Carlyle Group Inc. (CG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CG and FNGD?
Over the past 3 years, CG and FNGD moved with a correlation of -0.49, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.49 over 3. Over 5 years the correlation is -0.56, and the annualized covariance of weekly returns is -1358.9 %².
FNGD is close to the least connected end of CG's tracked universe, ranking #19 of 21. Their recent paths diverged sharply: over the last 12 months CG outperformed by 33.9 percentage points (-21.8% for CG against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CG vs FNGD: side by side
| CG (The Carlyle Group Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -21.8% | -55.7% |
| 5-year return | +18.0% | -99.4% |
| Volatility (ann.) | 36.8% | 75.7% |
| Beta vs S&P 500 | 1.68 | -4.54 |
| Max drawdown (3Y) | -40.4% | -97.6% |
| Market cap | $17.5B | – |
| P/E (trailing) | 50.8 | 20.6 |
| Dividend yield | 2.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CG | FNGD |
|---|---|---|
| 2022 | -43.8% | +52.2% |
| 2023 | +42.6% | -90.1% |
| 2024 | +28.1% | -76.6% |
| 2025 | +20.2% | -61.4% |
| 2026 | -14.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CG and FNGD good diversifiers for each other?
Yes. With a correlation of -0.49, CG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CG and FNGD?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.41 over the last year and -0.56 over 5 years.
Is FNGD a good diversifier for CG?
Yes. With a correlation of -0.49, CG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 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/cg-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cg-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CG correlations · FNGD correlations
