CLFD vs FNGD: Correlation
Clearfield, Inc. (CLFD) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLFD and FNGD?
Across a 3-year window, the weekly returns of CLFD and FNGD correlate at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.34 over 3. Stretching to 5 years gives -0.31, with an annualized covariance of -1266.3 %².
Among the 12 assets we track against CLFD, FNGD sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with CLFD ahead by 47.2 points (-8.5% versus -55.7%). Note the risk asymmetry: FNGD runs 1.5 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.
CLFD vs FNGD: side by side
| CLFD (Clearfield, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -8.5% | -55.7% |
| 5-year return | -35.2% | -99.4% |
| Volatility (ann.) | 49.0% | 75.7% |
| Beta vs S&P 500 | 1.34 | -4.54 |
| Max drawdown (3Y) | -48.0% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | 103.3 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLFD | FNGD |
|---|---|---|
| 2022 | +11.5% | +52.2% |
| 2023 | -69.1% | -90.1% |
| 2024 | +6.6% | -76.6% |
| 2025 | -6.0% | -61.4% |
| 2026 | +2.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLFD and FNGD good diversifiers for each other?
Yes. With a correlation of -0.34, CLFD and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CLFD and FNGD?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.33 over the last year and -0.31 over 5 years.
Is FNGD a good diversifier for CLFD?
Yes. With a correlation of -0.34, CLFD and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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: CLFD correlations · FNGD correlations
