CVNA vs FNGD: Correlation
Carvana (CVNA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and FNGD?
Over the past 3 years, CVNA and FNGD moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.48) sits close to the 3-year figure. Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -2637.4 %².
Out of 35 assets tracked against CVNA, FNGD lands near the bottom at #35. Their recent paths diverged sharply: over the last 12 months CVNA outperformed by 56.5 percentage points (+0.8% for CVNA against -55.7% for FNGD).
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.
CVNA vs FNGD: side by side
| CVNA (Carvana) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +0.8% | -55.7% |
| 5-year return | +9.7% | -99.4% |
| Volatility (ann.) | 73.7% | 75.7% |
| Beta vs S&P 500 | 2.66 | -4.54 |
| Max drawdown (3Y) | -53.5% | -97.6% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CVNA | FNGD |
|---|---|---|
| 2022 | -98.0% | +52.2% |
| 2023 | +1016.9% | -90.1% |
| 2024 | +284.1% | -76.6% |
| 2025 | +107.5% | -61.4% |
| 2026 | -12.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between CVNA and FNGD?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.48 over the last year and -0.53 over 5 years.
Is FNGD a good diversifier for CVNA?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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/cvna-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvna-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVNA correlations · FNGD correlations
