CPAY vs FNGD: Correlation
Corpay (CPAY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and FNGD?
On 3 years of weekly data the CPAY/FNGD correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.36 over 3 years. The 5-year figure is -0.41, and annualized covariance runs at -858.0 %².
FNGD is close to the least connected end of CPAY's tracked universe, ranking #30 of 32. Correlation aside, the last 12 months split them widely, with CPAY ahead by 79.8 points (+24.1% versus -55.7%). One caveat on sizing: FNGD is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CPAY vs FNGD: side by side
| CPAY (Corpay) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +24.1% | -55.7% |
| 5-year return | +55.2% | -99.4% |
| Volatility (ann.) | 31.7% | 75.7% |
| Beta vs S&P 500 | 1.22 | -4.54 |
| Max drawdown (3Y) | -34.5% | -97.6% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CPAY | FNGD |
|---|---|---|
| 2022 | -17.9% | +52.2% |
| 2023 | +53.9% | -90.1% |
| 2024 | +19.7% | -76.6% |
| 2025 | -11.1% | -61.4% |
| 2026 | +34.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and FNGD good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CPAY and FNGD?
The CPAY/FNGD correlation stands at -0.36 on a 3-year window (1 year: -0.24, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CPAY?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 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/cpay-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cpay-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPAY correlations · FNGD correlations
