CSQ vs FNGD: Correlation
Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and FNGD?
On 3 years of weekly data the CSQ/FNGD correlation comes out at -0.81, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.82 over 1 year against -0.81 over 3. The 5-year figure is -0.78, and annualized covariance runs at -1157.7 %².
Out of 51 assets tracked against CSQ, FNGD lands near the bottom at #51. Correlation aside, the last 12 months split them widely, with CSQ ahead by 77.1 points (+21.4% versus -55.7%). One caveat on sizing: FNGD is 4.0 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.
CSQ vs FNGD: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +21.4% | -55.7% |
| 5-year return | +64.2% | -99.4% |
| Volatility (ann.) | 18.8% | 75.7% |
| Beta vs S&P 500 | 1.22 | -4.54 |
| Max drawdown (3Y) | -24.2% | -97.6% |
| Market cap | $3.4B | – |
| P/E (trailing) | 3.2 | 20.6 |
| Dividend yield | 2.95% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSQ | FNGD |
|---|---|---|
| 2022 | -24.2% | +52.2% |
| 2023 | +20.9% | -90.1% |
| 2024 | +28.2% | -76.6% |
| 2025 | +16.3% | -61.4% |
| 2026 | +14.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and FNGD good diversifiers for each other?
Yes: at -0.81, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CSQ and FNGD?
As of 2026-08-27, the correlation of weekly returns between CSQ and FNGD is -0.81 over 3 years, -0.82 over 1 year and -0.78 over 5 years.
Is FNGD a good diversifier for CSQ?
Yes: at -0.81, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.81 mean?
A reading of -0.81 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/csq-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/csq-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CSQ correlations · FNGD correlations
