CPRT vs FNGD: Correlation
Copart (CPRT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPRT and FNGD?
Over the past 3 years, CPRT and FNGD moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.40). Over 5 years the correlation is -0.52, and the annualized covariance of weekly returns is -780.9 %².
Out of 35 assets tracked against CPRT, FNGD lands near the bottom at #35. The last year tells two different stories: CPRT led by 23.1 percentage points, -32.6% for CPRT against -55.7% for FNGD. 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.
CPRT vs FNGD: side by side
| CPRT (Copart) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -32.6% | -55.7% |
| 5-year return | -9.3% | -99.4% |
| Volatility (ann.) | 26.0% | 75.7% |
| Beta vs S&P 500 | 0.86 | -4.54 |
| Max drawdown (3Y) | -57.4% | -97.6% |
| Market cap | $30.3B | – |
| P/E (trailing) | 20.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CPRT | FNGD |
|---|---|---|
| 2022 | -19.7% | +52.2% |
| 2023 | +60.9% | -90.1% |
| 2024 | +17.1% | -76.6% |
| 2025 | -31.8% | -61.4% |
| 2026 | -16.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPRT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.40, CPRT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CPRT and FNGD?
As of 2026-08-27, the correlation of weekly returns between CPRT and FNGD is -0.40 over 3 years, -0.14 over 1 year and -0.52 over 5 years.
Is FNGD a good diversifier for CPRT?
Yes. With a correlation of -0.40, CPRT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/cprt-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cprt-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPRT correlations · FNGD correlations
