CPZ vs FNGD: Correlation
Calamos Long/Short Equity & Dynamic Income Trust - Closed (CPZ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPZ and FNGD?
Across a 3-year window, the weekly returns of CPZ and FNGD correlate at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.47 versus -0.29 over 3 years. Stretching to 5 years gives -0.37, with an annualized covariance of -245.4 %².
FNGD is close to the least connected end of CPZ's tracked universe, ranking #8 of 10. Their recent paths diverged sharply: over the last 12 months CPZ outperformed by 46.5 percentage points (-9.2% for CPZ against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 6.7 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.
CPZ vs FNGD: side by side
| CPZ (Calamos Long/Short Equity & Dynamic Income Trust - Closed) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -9.2% | -55.7% |
| 5-year return | +14.8% | -99.4% |
| Volatility (ann.) | 11.3% | 75.7% |
| Beta vs S&P 500 | 0.30 | -4.54 |
| Max drawdown (3Y) | -17.9% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 63.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPZ | FNGD |
|---|---|---|
| 2022 | -14.0% | +52.2% |
| 2023 | +6.3% | -90.1% |
| 2024 | +16.0% | -76.6% |
| 2025 | +9.8% | -61.4% |
| 2026 | -1.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPZ and FNGD good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CPZ and FNGD?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.47 over the last year and -0.37 over 5 years.
Is FNGD a good diversifier for CPZ?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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/cpz-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cpz-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPZ correlations · FNGD correlations
