CMC vs FNGD: Correlation
How closely do Commercial Metals Company (CMC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMC and FNGD?
Across a 3-year window, the weekly returns of CMC and FNGD correlate at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.22) than the 3-year average (-0.33). Stretching to 5 years gives -0.36, with an annualized covariance of -836.4 %².
Among the 19 assets we track against CMC, FNGD sits near the bottom by co-movement, at rank #17. Correlation aside, the last 12 months split them widely, with CMC ahead by 77.7 points (+22.0% versus -55.7%). Note the risk asymmetry: FNGD runs 2.3 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.
CMC vs FNGD: side by side
| CMC (Commercial Metals Company) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +22.0% | -55.7% |
| 5-year return | +119.5% | -99.4% |
| Volatility (ann.) | 33.3% | 75.7% |
| Beta vs S&P 500 | 1.26 | -4.54 |
| Max drawdown (3Y) | -37.6% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | 20.6 |
| Dividend yield | 1.08% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMC | FNGD |
|---|---|---|
| 2022 | +35.0% | +52.2% |
| 2023 | +5.0% | -90.1% |
| 2024 | +0.4% | -76.6% |
| 2025 | +41.5% | -61.4% |
| 2026 | +0.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMC and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMC and FNGD?
As of 2026-08-27, the correlation of weekly returns between CMC and FNGD is -0.33 over 3 years, -0.22 over 1 year and -0.36 over 5 years.
Is FNGD a good diversifier for CMC?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: CMC correlations · FNGD correlations
