CRBG vs FNGD: Correlation
Measured on weekly returns over the past three years, Corebridge Financial Inc. (CRBG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRBG and FNGD?
On 3 years of weekly data the CRBG/FNGD correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.40 over 1 year against -0.39 over 3. The 5-year figure is -0.34, and annualized covariance runs at -903.2 %².
Out of 12 assets tracked against CRBG, FNGD lands near the bottom at #10. The last year tells two different stories: CRBG led by 52.2 percentage points, -3.5% for CRBG against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 2.5 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.
CRBG vs FNGD: side by side
| CRBG (Corebridge Financial Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.5% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 30.6% | 75.7% |
| Beta vs S&P 500 | 1.21 | -4.54 |
| Max drawdown (3Y) | -36.3% | -97.6% |
| Market cap | $14.5B | – |
| P/E (trailing) | 20.8 | 20.6 |
| Dividend yield | 3.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRBG | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +25.3% | -90.1% |
| 2024 | +42.8% | -76.6% |
| 2025 | +3.9% | -61.4% |
| 2026 | +10.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRBG and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between CRBG and FNGD?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.40 over the last year and -0.34 over 5 years.
Is FNGD a good diversifier for CRBG?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 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/crbg-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crbg-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRBG correlations · FNGD correlations
