CUBI vs FNGD: Correlation
How closely do Customers Bancorp, Inc (CUBI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CUBI and FNGD?
On 3 years of weekly data the CUBI/FNGD correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.24). The 5-year figure is -0.29, and annualized covariance runs at -772.3 %².
FNGD is close to the least connected end of CUBI's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with CUBI ahead by 66.9 points (+11.2% versus -55.7%). One caveat on sizing: FNGD is 1.8 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.
CUBI vs FNGD: side by side
| CUBI (Customers Bancorp, Inc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +11.2% | -55.7% |
| 5-year return | +93.6% | -99.4% |
| Volatility (ann.) | 42.3% | 75.7% |
| Beta vs S&P 500 | 1.17 | -4.54 |
| Max drawdown (3Y) | -36.1% | -97.6% |
| Market cap | $2.7B | – |
| P/E (trailing) | 9.5 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CUBI | FNGD |
|---|---|---|
| 2022 | -56.6% | +52.2% |
| 2023 | +103.3% | -90.1% |
| 2024 | -15.5% | -76.6% |
| 2025 | +50.2% | -61.4% |
| 2026 | +8.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CUBI and FNGD good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CUBI and FNGD?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.12 over the last year and -0.29 over 5 years.
Is FNGD a good diversifier for CUBI?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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/cubi-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cubi-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CUBI correlations · FNGD correlations
