CX vs FNGD: Correlation
How closely do Cemex, S.A.B. de C.V. Sponsored ADR (CX) 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 CX and FNGD?
Over the past 3 years, CX and FNGD moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.21) runs above the 3-year figure (-0.32). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -915.6 %².
Among the 10 assets we track against CX, FNGD sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months CX outperformed by 78.7 percentage points (+23.0% for CX against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.0 times the volatility of the other side.
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.
CX vs FNGD: side by side
| CX (Cemex, S.A.B. de C.V. Sponsored ADR) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +23.0% | -55.7% |
| 5-year return | +37.2% | -99.4% |
| Volatility (ann.) | 37.4% | 75.7% |
| Beta vs S&P 500 | 1.14 | -4.54 |
| Max drawdown (3Y) | -44.4% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 31.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CX | FNGD |
|---|---|---|
| 2022 | -40.3% | +52.2% |
| 2023 | +91.4% | -90.1% |
| 2024 | -26.5% | -76.6% |
| 2025 | +105.1% | -61.4% |
| 2026 | -4.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CX 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 CX and FNGD?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.21 over the last year and -0.38 over 5 years.
Is FNGD a good diversifier for CX?
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/cx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CX correlations · FNGD correlations
