CNXC vs FNGD: Correlation
How closely do Concentrix Corporation (CNXC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNXC and FNGD?
Over the past 3 years, CNXC and FNGD moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.25 over 3. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -978.7 %².
FNGD is close to the least connected end of CNXC's tracked universe, ranking #9 of 11. On 12-month performance CNXC holds a 13.8-point edge, -41.9% against -55.7%.
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.
CNXC vs FNGD: side by side
| CNXC (Concentrix Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -41.9% | -55.7% |
| 5-year return | -81.9% | -99.4% |
| Volatility (ann.) | 52.6% | 75.7% |
| Beta vs S&P 500 | 1.27 | -4.54 |
| Max drawdown (3Y) | -78.5% | -97.6% |
| Market cap | $1.7B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 5.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNXC | FNGD |
|---|---|---|
| 2022 | -24.9% | +52.2% |
| 2023 | -25.4% | -90.1% |
| 2024 | -55.0% | -76.6% |
| 2025 | -1.4% | -61.4% |
| 2026 | -29.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNXC and FNGD good diversifiers for each other?
Yes. With a correlation of -0.25, CNXC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNXC and FNGD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.31 over the last year and -0.26 over 5 years.
Is FNGD a good diversifier for CNXC?
Yes. With a correlation of -0.25, CNXC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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
$ curl https://www.pairbook.io/api/v1/pairs/cnxc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnxc-vs-fngd/)
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Related comparisons
Hubs: CNXC correlations · FNGD correlations
