CLIR vs FNGD: Correlation
Measured on weekly returns over the past three years, ClearSign Technologies Corporation (CLIR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLIR and FNGD?
Over the past 3 years, CLIR and FNGD moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -1650.6 %².
Out of 10 assets tracked against CLIR, FNGD lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months CLIR outperformed by 32.5 percentage points (-23.2% for CLIR against -55.7% for FNGD).
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.
CLIR vs FNGD: side by side
| CLIR (ClearSign Technologies Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -23.2% | -55.7% |
| 5-year return | -85.3% | -99.4% |
| Volatility (ann.) | 89.0% | 75.7% |
| Beta vs S&P 500 | 2.06 | -4.54 |
| Max drawdown (3Y) | -78.5% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLIR | FNGD |
|---|---|---|
| 2022 | -60.9% | +52.2% |
| 2023 | +105.6% | -90.1% |
| 2024 | +29.7% | -76.6% |
| 2025 | -61.1% | -61.4% |
| 2026 | -19.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLIR and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, CLIR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CLIR and FNGD?
As of 2026-08-27, the correlation of weekly returns between CLIR and FNGD is -0.24 over 3 years, -0.23 over 1 year and -0.28 over 5 years.
Is FNGD a good diversifier for CLIR?
Yes. With a correlation of -0.24, CLIR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/clir-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clir-vs-fngd/)
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Related comparisons
Hubs: CLIR correlations · FNGD correlations
