CSX vs FNGD: Correlation
Measured on weekly returns over the past three years, CSX Corporation (CSX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSX and FNGD?
Over the past 3 years, CSX and FNGD moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.23 versus -0.19 over 3 years. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -282.9 %².
By 3-year correlation, FNGD places #24 of the 30 assets tracked against CSX. Correlation aside, the last 12 months split them widely, with CSX ahead by 116.3 points (+60.6% versus -55.7%). Risk is not evenly split, since FNGD carries 3.8 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.
CSX vs FNGD: side by side
| CSX (CSX Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +60.6% | -55.7% |
| 5-year return | +66.2% | -99.4% |
| Volatility (ann.) | 19.7% | 75.7% |
| Beta vs S&P 500 | 0.62 | -4.54 |
| Max drawdown (3Y) | -29.4% | -97.6% |
| Market cap | $95.5B | – |
| P/E (trailing) | 30.1 | 20.6 |
| Dividend yield | 1.04% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CSX | FNGD |
|---|---|---|
| 2022 | -16.6% | +52.2% |
| 2023 | +13.5% | -90.1% |
| 2024 | -5.6% | -76.6% |
| 2025 | +14.1% | -61.4% |
| 2026 | +43.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSX and FNGD good diversifiers for each other?
Yes. With a correlation of -0.19, CSX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CSX and FNGD?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with 0.23 over the last year and -0.32 over 5 years.
Is FNGD a good diversifier for CSX?
Yes. With a correlation of -0.19, CSX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/csx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/csx-vs-fngd/)
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Related comparisons
Hubs: CSX correlations · FNGD correlations
