CLS vs FNGD: Correlation
Celestica, Inc. (CLS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLS and FNGD?
Across a 3-year window, the weekly returns of CLS and FNGD correlate at -0.59, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.39) runs above the 3-year figure (-0.59). Stretching to 5 years gives -0.52, with an annualized covariance of -2715.0 %².
Among the 23 assets we track against CLS, FNGD sits near the bottom by co-movement, at rank #23. Their recent paths diverged sharply: over the last 12 months CLS outperformed by 112.7 percentage points (+57.0% for CLS 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.
CLS vs FNGD: side by side
| CLS (Celestica, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +57.0% | -55.7% |
| 5-year return | +3251.4% | -99.4% |
| Volatility (ann.) | 60.6% | 75.7% |
| Beta vs S&P 500 | 2.49 | -4.54 |
| Max drawdown (3Y) | -54.0% | -97.6% |
| Market cap | $40.0B | – |
| P/E (trailing) | 32.0 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLS | FNGD |
|---|---|---|
| 2022 | +1.3% | +52.2% |
| 2023 | +159.8% | -90.1% |
| 2024 | +215.2% | -76.6% |
| 2025 | +220.3% | -61.4% |
| 2026 | +7.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLS and FNGD good diversifiers for each other?
Yes: at -0.59, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CLS and FNGD?
Using weekly returns as of 2026-08-27: -0.59 over 3 years, with -0.39 over the last year and -0.52 over 5 years.
Is FNGD a good diversifier for CLS?
Yes: at -0.59, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.59 mean?
A reading of -0.59 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: CLS correlations · FNGD correlations
