CMI vs FNGD: Correlation
How closely do Cummins (CMI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMI and FNGD?
Over the past 3 years, CMI and FNGD moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.29) than the 3-year average (-0.40). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -784.4 %².
Out of 36 assets tracked against CMI, FNGD lands near the bottom at #34. Correlation aside, the last 12 months split them widely, with CMI ahead by 100.8 points (+45.1% versus -55.7%). Note the risk asymmetry: FNGD runs 2.9 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.
CMI vs FNGD: side by side
| CMI (Cummins) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +45.1% | -55.7% |
| 5-year return | +169.6% | -99.4% |
| Volatility (ann.) | 25.9% | 75.7% |
| Beta vs S&P 500 | 1.05 | -4.54 |
| Max drawdown (3Y) | -30.5% | -97.6% |
| Market cap | $79.0B | – |
| P/E (trailing) | 29.6 | 20.6 |
| Dividend yield | 1.38% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CMI | FNGD |
|---|---|---|
| 2022 | +14.1% | +52.2% |
| 2023 | +1.7% | -90.1% |
| 2024 | +48.9% | -76.6% |
| 2025 | +49.4% | -61.4% |
| 2026 | +13.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMI and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMI and FNGD?
As of 2026-08-27, the correlation of weekly returns between CMI and FNGD is -0.40 over 3 years, -0.29 over 1 year and -0.42 over 5 years.
Is FNGD a good diversifier for CMI?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 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
$ curl https://www.pairbook.io/api/v1/pairs/cmi-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmi-vs-fngd/)
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Related comparisons
Hubs: CMI correlations · FNGD correlations
