CHDN vs FNGD: Correlation
How closely do Churchill Downs, Incorporated (CHDN) 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 CHDN and FNGD?
On 3 years of weekly data the CHDN/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 (-0.08) runs above the 3-year figure (-0.24). The 5-year figure is -0.36, and annualized covariance runs at -495.7 %².
Out of 11 assets tracked against CHDN, FNGD lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months CHDN outperformed by 37.5 percentage points (-18.2% for CHDN against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.8 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.
CHDN vs FNGD: side by side
| CHDN (Churchill Downs, Incorporated) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -18.2% | -55.7% |
| 5-year return | -16.1% | -99.4% |
| Volatility (ann.) | 27.4% | 75.7% |
| Beta vs S&P 500 | 0.72 | -4.54 |
| Max drawdown (3Y) | -43.9% | -97.6% |
| Market cap | $6.0B | – |
| P/E (trailing) | 14.9 | 20.6 |
| Dividend yield | 0.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHDN | FNGD |
|---|---|---|
| 2022 | -12.0% | +52.2% |
| 2023 | +28.1% | -90.1% |
| 2024 | -0.7% | -76.6% |
| 2025 | -14.5% | -61.4% |
| 2026 | -24.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHDN and FNGD good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CHDN and FNGD?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.08 over the last year and -0.36 over 5 years.
Is FNGD a good diversifier for CHDN?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CHDN correlations · FNGD correlations
