CRS vs FNGD: Correlation
Measured on weekly returns over the past three years, Carpenter Technology Corporation (CRS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRS and FNGD?
Over the past 3 years, CRS and FNGD moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.27). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -952.5 %².
FNGD is close to the least connected end of CRS's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with CRS ahead by 161.9 points (+106.2% versus -55.7%). Risk is not evenly split, since FNGD carries 1.6 times the volatility of the other side.
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.
CRS vs FNGD: side by side
| CRS (Carpenter Technology Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +106.2% | -55.7% |
| 5-year return | +1445.7% | -99.4% |
| Volatility (ann.) | 46.1% | 75.7% |
| Beta vs S&P 500 | 1.32 | -4.54 |
| Max drawdown (3Y) | -28.7% | -97.6% |
| Market cap | $24.3B | – |
| P/E (trailing) | 46.1 | 20.6 |
| Dividend yield | 0.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRS | FNGD |
|---|---|---|
| 2022 | +29.5% | +52.2% |
| 2023 | +94.5% | -90.1% |
| 2024 | +141.7% | -76.6% |
| 2025 | +86.2% | -61.4% |
| 2026 | +56.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRS and FNGD good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CRS and FNGD?
The CRS/FNGD correlation stands at -0.27 on a 3-year window (1 year: -0.08, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CRS?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 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/crs-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crs-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRS correlations · FNGD correlations
