CVLT vs FNGD: Correlation
Commvault Systems, Inc. (CVLT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLT and FNGD?
On 3 years of weekly data the CVLT/FNGD correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.30 versus -0.43 over 3 years. The 5-year figure is -0.41, and annualized covariance runs at -1437.0 %².
Out of 10 assets tracked against CVLT, FNGD lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with CVLT ahead by 31.9 points (-23.8% versus -55.7%). Note the risk asymmetry: FNGD runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CVLT vs FNGD: side by side
| CVLT (Commvault Systems, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -23.8% | -55.7% |
| 5-year return | +73.1% | -99.4% |
| Volatility (ann.) | 44.6% | 75.7% |
| Beta vs S&P 500 | 1.29 | -4.54 |
| Max drawdown (3Y) | -61.5% | -97.6% |
| Market cap | $5.8B | – |
| P/E (trailing) | 86.1 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVLT | FNGD |
|---|---|---|
| 2022 | -8.8% | +52.2% |
| 2023 | +27.1% | -90.1% |
| 2024 | +89.0% | -76.6% |
| 2025 | -16.9% | -61.4% |
| 2026 | +12.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.43, CVLT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVLT and FNGD?
The CVLT/FNGD correlation stands at -0.43 on a 3-year window (1 year: -0.30, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CVLT?
Yes. With a correlation of -0.43, CVLT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvlt-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvlt-vs-fngd/)
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Related comparisons
Hubs: CVLT correlations · FNGD correlations
