CTSH vs FNGD: Correlation
How closely do Cognizant (CTSH) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTSH and FNGD?
Across a 3-year window, the weekly returns of CTSH and FNGD correlate at -0.32, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.24 over 1 year against -0.32 over 3. Stretching to 5 years gives -0.41, with an annualized covariance of -790.1 %².
FNGD is close to the least connected end of CTSH's tracked universe, ranking #44 of 44. The last year tells two different stories: CTSH led by 45.9 percentage points, -9.8% for CTSH against -55.7% for FNGD. One caveat on sizing: FNGD is 2.3 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.
CTSH vs FNGD: side by side
| CTSH (Cognizant) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -9.8% | -55.7% |
| 5-year return | -9.6% | -99.4% |
| Volatility (ann.) | 32.3% | 75.7% |
| Beta vs S&P 500 | 0.89 | -4.54 |
| Max drawdown (3Y) | -56.1% | -97.6% |
| Market cap | $28.7B | – |
| P/E (trailing) | 13.3 | 20.6 |
| Dividend yield | 2.09% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CTSH | FNGD |
|---|---|---|
| 2022 | -34.5% | +52.2% |
| 2023 | +34.4% | -90.1% |
| 2024 | +3.5% | -76.6% |
| 2025 | +9.7% | -61.4% |
| 2026 | -21.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTSH and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between CTSH and FNGD?
As of 2026-08-27, the correlation of weekly returns between CTSH and FNGD is -0.32 over 3 years, -0.24 over 1 year and -0.41 over 5 years.
Is FNGD a good diversifier for CTSH?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
A reading of -0.32 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/ctsh-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ctsh-vs-fngd/)
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Related comparisons
Hubs: CTSH correlations · FNGD correlations
