CRWD vs FNGD: Correlation
Measured on weekly returns over the past three years, CrowdStrike (CRWD) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.65, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRWD and FNGD?
On 3 years of weekly data the CRWD/FNGD correlation comes out at -0.65, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.55) sits close to the 3-year figure. The 5-year figure is -0.63, and annualized covariance runs at -2478.5 %².
Out of 31 assets tracked against CRWD, FNGD lands near the bottom at #31. Their recent paths diverged sharply: over the last 12 months CRWD outperformed by 171.5 percentage points (+115.8% for CRWD against -55.7% for FNGD). One caveat on sizing: FNGD is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CRWD vs FNGD: side by side
| CRWD (CrowdStrike) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +115.8% | -55.7% |
| 5-year return | +218.4% | -99.4% |
| Volatility (ann.) | 50.2% | 75.7% |
| Beta vs S&P 500 | 1.87 | -4.54 |
| Max drawdown (3Y) | -44.4% | -97.6% |
| Market cap | $233.4B | – |
| P/E (trailing) | 3256.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CRWD | FNGD |
|---|---|---|
| 2022 | -48.6% | +52.2% |
| 2023 | +142.5% | -90.1% |
| 2024 | +34.0% | -76.6% |
| 2025 | +37.0% | -61.4% |
| 2026 | +94.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRWD and FNGD good diversifiers for each other?
Yes. With a correlation of -0.65, CRWD and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CRWD and FNGD?
Using weekly returns as of 2026-08-27: -0.65 over 3 years, with -0.55 over the last year and -0.63 over 5 years.
Is FNGD a good diversifier for CRWD?
Yes. With a correlation of -0.65, CRWD and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.65 mean?
On the −1 to +1 scale, -0.65 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/crwd-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crwd-vs-fngd/)
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Related comparisons
Hubs: CRWD correlations · FNGD correlations
