CTAS vs FNGD: Correlation
Measured on weekly returns over the past three years, Cintas (CTAS) 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 CTAS and FNGD?
On 3 years of weekly data the CTAS/FNGD correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.03) than the 3-year average (-0.27). The 5-year figure is -0.43, and annualized covariance runs at -474.1 %².
Among the 38 assets we track against CTAS, FNGD ranks #33 by 3-year correlation. The last year tells two different stories: CTAS led by 52.4 percentage points, -3.3% for CTAS against -55.7% for FNGD. One caveat on sizing: FNGD is 3.3 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.
CTAS vs FNGD: side by side
| CTAS (Cintas) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.3% | -55.7% |
| 5-year return | +117.4% | -99.4% |
| Volatility (ann.) | 23.2% | 75.7% |
| Beta vs S&P 500 | 0.71 | -4.54 |
| Max drawdown (3Y) | -27.7% | -97.6% |
| Market cap | $81.7B | – |
| P/E (trailing) | 41.8 | 20.6 |
| Dividend yield | 0.87% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CTAS | FNGD |
|---|---|---|
| 2022 | +3.0% | +52.2% |
| 2023 | +34.8% | -90.1% |
| 2024 | +22.2% | -76.6% |
| 2025 | +3.8% | -61.4% |
| 2026 | +9.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTAS and FNGD good diversifiers for each other?
Yes. With a correlation of -0.27, CTAS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CTAS and FNGD?
The CTAS/FNGD correlation stands at -0.27 on a 3-year window (1 year: -0.03, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CTAS?
Yes. With a correlation of -0.27, CTAS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/ctas-vs-fngd.json
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Related comparisons
Hubs: CTAS correlations · FNGD correlations
