CNXN vs FNGD: Correlation
PC Connection, Inc. (CNXN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNXN and FNGD?
Over the past 3 years, CNXN and FNGD moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.14) than the 3-year average (-0.26). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -541.4 %².
Among the 12 assets we track against CNXN, FNGD sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with CNXN ahead by 81.9 points (+26.2% versus -55.7%). Risk is not evenly split, since FNGD carries 2.8 times the volatility of the other side.
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.
CNXN vs FNGD: side by side
| CNXN (PC Connection, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +26.2% | -55.7% |
| 5-year return | +75.2% | -99.4% |
| Volatility (ann.) | 27.3% | 75.7% |
| Beta vs S&P 500 | 0.86 | -4.54 |
| Max drawdown (3Y) | -26.3% | -97.6% |
| Market cap | $2.0B | – |
| P/E (trailing) | 21.0 | 20.6 |
| Dividend yield | 0.88% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNXN | FNGD |
|---|---|---|
| 2022 | +9.4% | +52.2% |
| 2023 | +44.3% | -90.1% |
| 2024 | +3.7% | -76.6% |
| 2025 | -15.8% | -61.4% |
| 2026 | +40.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNXN and FNGD good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNXN and FNGD?
As of 2026-08-27, the correlation of weekly returns between CNXN and FNGD is -0.26 over 3 years, -0.14 over 1 year and -0.31 over 5 years.
Is FNGD a good diversifier for CNXN?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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: CNXN correlations · FNGD correlations
