CWH vs FNGD: Correlation
Camping World Holdings, Inc. (CWH) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and FNGD?
Over the past 3 years, CWH and FNGD moved with a correlation of -0.26, which is 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 (-0.26). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -1184.0 %².
FNGD is close to the least connected end of CWH's tracked universe, ranking #26 of 28. On 12-month performance FNGD holds a 7.3-point edge, -63.0% against -55.7%.
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.
CWH vs FNGD: side by side
| CWH (Camping World Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -63.0% | -55.7% |
| 5-year return | -79.9% | -99.4% |
| Volatility (ann.) | 60.7% | 75.7% |
| Beta vs S&P 500 | 2.02 | -4.54 |
| Max drawdown (3Y) | -79.1% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 3.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWH | FNGD |
|---|---|---|
| 2022 | -39.6% | +52.2% |
| 2023 | +25.1% | -90.1% |
| 2024 | -17.9% | -76.6% |
| 2025 | -52.2% | -61.4% |
| 2026 | -33.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and FNGD good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CWH and FNGD?
As of 2026-08-27, the correlation of weekly returns between CWH and FNGD is -0.26 over 3 years, -0.12 over 1 year and -0.30 over 5 years.
Is FNGD a good diversifier for CWH?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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
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Related comparisons
Hubs: CWH correlations · FNGD correlations
