CLOV vs FNGD: Correlation
Clover Health Investments, Corp. (CLOV) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLOV and FNGD?
On 3 years of weekly data the CLOV/FNGD correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.39) than the 3-year average (-0.27). The 5-year figure is -0.32, and annualized covariance runs at -1594.9 %².
Among the 10 assets we track against CLOV, FNGD sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months CLOV outperformed by 112.9 percentage points (+57.2% for CLOV 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.
CLOV vs FNGD: side by side
| CLOV (Clover Health Investments, Corp.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +57.2% | -55.7% |
| 5-year return | -50.1% | -99.4% |
| Volatility (ann.) | 77.7% | 75.7% |
| Beta vs S&P 500 | 1.73 | -4.54 |
| Max drawdown (3Y) | -64.7% | -97.6% |
| Market cap | $2.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLOV | FNGD |
|---|---|---|
| 2022 | -75.0% | +52.2% |
| 2023 | +2.4% | -90.1% |
| 2024 | +230.9% | -76.6% |
| 2025 | -25.4% | -61.4% |
| 2026 | +80.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLOV and FNGD good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CLOV and FNGD?
The CLOV/FNGD correlation stands at -0.27 on a 3-year window (1 year: -0.39, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CLOV?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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
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Related comparisons
Hubs: CLOV correlations · FNGD correlations
