CLM vs FNGD: Correlation
How closely do Cornerstone Strategic Investment Fund, Inc. (CLM) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.52, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLM and FNGD?
Over the past 3 years, CLM and FNGD moved with a correlation of -0.52, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.49 over 1 year against -0.52 over 3. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -777.8 %².
FNGD is close to the least connected end of CLM's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with CLM ahead by 54.3 points (-1.4% versus -55.7%). Note the risk asymmetry: FNGD runs 3.8 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.
CLM vs FNGD: side by side
| CLM (Cornerstone Strategic Investment Fund, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -1.4% | -55.7% |
| 5-year return | +31.9% | -99.4% |
| Volatility (ann.) | 19.8% | 75.7% |
| Beta vs S&P 500 | 0.86 | -4.54 |
| Max drawdown (3Y) | -23.9% | -97.6% |
| Market cap | $2.1B | – |
| P/E (trailing) | 6.1 | 20.6 |
| Dividend yield | 21.96% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLM | FNGD |
|---|---|---|
| 2022 | -36.7% | +52.2% |
| 2023 | +17.5% | -90.1% |
| 2024 | +41.6% | -76.6% |
| 2025 | +18.5% | -61.4% |
| 2026 | -9.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLM and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.52 means the two rarely move for the same reasons.
FAQ
What is the correlation between CLM and FNGD?
The CLM/FNGD correlation stands at -0.52 on a 3-year window (1 year: -0.49, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CLM?
By historical standards, yes. A correlation of -0.52 means the two rarely move for the same reasons.
What does a correlation of -0.52 mean?
On the −1 to +1 scale, -0.52 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/clm-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clm-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLM correlations · FNGD correlations
