CORZ vs FNGD: Correlation
Measured on weekly returns over the past three years, Core Scientific, Inc. (CORZ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CORZ and FNGD?
On 3 years of weekly data the CORZ/FNGD correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.31) runs above the 3-year figure (-0.42). The 5-year figure is n/a, and annualized covariance runs at -2909.9 %².
FNGD is close to the least connected end of CORZ's tracked universe, ranking #19 of 19. Correlation aside, the last 12 months split them widely, with CORZ ahead by 79.8 points (+24.1% versus -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.
CORZ vs FNGD: side by side
| CORZ (Core Scientific, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +24.1% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 89.6% | 75.7% |
| Beta vs S&P 500 | 2.71 | -4.54 |
| Max drawdown (3Y) | -64.9% | -97.6% |
| Market cap | $5.7B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CORZ | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | – | -76.6% |
| 2025 | +3.6% | -61.4% |
| 2026 | +21.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CORZ and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between CORZ and FNGD?
The CORZ/FNGD correlation stands at -0.42 on a 3-year window (1 year: -0.31, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CORZ?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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/corz-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/corz-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CORZ correlations · FNGD correlations
