CR vs FNGD: Correlation
Measured on weekly returns over the past three years, Crane Company (CR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CR and FNGD?
On 3 years of weekly data the CR/FNGD correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.37 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -873.1 %².
Out of 17 assets tracked against CR, FNGD lands near the bottom at #15. The last year tells two different stories: CR led by 64.1 percentage points, +8.4% for CR against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 2.4 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.
CR vs FNGD: side by side
| CR (Crane Company) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +8.4% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 31.2% | 75.7% |
| Beta vs S&P 500 | 1.13 | -4.54 |
| Max drawdown (3Y) | -28.0% | -97.6% |
| Market cap | $12.1B | – |
| P/E (trailing) | 36.6 | 20.6 |
| Dividend yield | 0.46% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CR | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | +29.2% | -76.6% |
| 2025 | +22.2% | -61.4% |
| 2026 | +13.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CR and FNGD good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CR and FNGD?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.17 over the last year and n/a over 5 years.
Is FNGD a good diversifier for CR?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/cr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CR correlations · FNGD correlations
