CLSK vs FNGD: Correlation
Measured on weekly returns over the past three years, CleanSpark, Inc. (CLSK) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLSK and FNGD?
On 3 years of weekly data the CLSK/FNGD correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.34 versus -0.23 over 3 years. The 5-year figure is -0.32, and annualized covariance runs at -1811.4 %².
Among the 15 assets we track against CLSK, FNGD sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months CLSK outperformed by 90.9 percentage points (+35.2% for CLSK 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.
CLSK vs FNGD: side by side
| CLSK (CleanSpark, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +35.2% | -55.7% |
| 5-year return | -5.1% | -99.4% |
| Volatility (ann.) | 104.3% | 75.7% |
| Beta vs S&P 500 | 2.12 | -4.54 |
| Max drawdown (3Y) | -71.3% | -97.6% |
| Market cap | $3.3B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLSK | FNGD |
|---|---|---|
| 2022 | -78.6% | +52.2% |
| 2023 | +440.7% | -90.1% |
| 2024 | -16.5% | -76.6% |
| 2025 | +9.9% | -61.4% |
| 2026 | +28.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLSK and FNGD good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CLSK and FNGD?
The CLSK/FNGD correlation stands at -0.23 on a 3-year window (1 year: -0.34, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CLSK?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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: CLSK correlations · FNGD correlations
