CSW vs FNGD: Correlation
CSW Industrials, Inc. (CSW) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSW and FNGD?
On 3 years of weekly data the CSW/FNGD correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.37). The 5-year figure is -0.33, and annualized covariance runs at -1060.8 %².
FNGD is close to the least connected end of CSW's tracked universe, ranking #10 of 12. The last year tells two different stories: CSW led by 74.1 percentage points, +18.4% for CSW against -55.7% for FNGD. One caveat on sizing: FNGD is 2.0 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.
CSW vs FNGD: side by side
| CSW (CSW Industrials, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +18.4% | -55.7% |
| 5-year return | +140.7% | -99.4% |
| Volatility (ann.) | 37.7% | 75.7% |
| Beta vs S&P 500 | 1.34 | -4.54 |
| Max drawdown (3Y) | -46.2% | -97.6% |
| Market cap | $5.2B | – |
| P/E (trailing) | 44.2 | 20.6 |
| Dividend yield | 0.34% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSW | FNGD |
|---|---|---|
| 2022 | -3.5% | +52.2% |
| 2023 | +79.8% | -90.1% |
| 2024 | +70.6% | -76.6% |
| 2025 | -16.5% | -61.4% |
| 2026 | +8.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSW 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 CSW and FNGD?
As of 2026-08-27, the correlation of weekly returns between CSW and FNGD is -0.37 over 3 years, -0.13 over 1 year and -0.33 over 5 years.
Is FNGD a good diversifier for CSW?
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?
A reading of -0.37 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/csw-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/csw-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CSW correlations · FNGD correlations
