CZR vs FNGD: Correlation
Caesars Entertainment, Inc. (CZR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZR and FNGD?
Over the past 3 years, CZR and FNGD moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.37 over 3 years. Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -1171.1 %².
Out of 13 assets tracked against CZR, FNGD lands near the bottom at #11. The last year tells two different stories: CZR led by 65.6 percentage points, +9.9% for CZR against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 1.8 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.
CZR vs FNGD: side by side
| CZR (Caesars Entertainment, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +9.9% | -55.7% |
| 5-year return | -71.0% | -99.4% |
| Volatility (ann.) | 41.8% | 75.7% |
| Beta vs S&P 500 | 1.43 | -4.54 |
| Max drawdown (3Y) | -67.5% | -97.6% |
| Market cap | $6.0B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CZR | FNGD |
|---|---|---|
| 2022 | -55.5% | +52.2% |
| 2023 | +12.7% | -90.1% |
| 2024 | -28.7% | -76.6% |
| 2025 | -30.0% | -61.4% |
| 2026 | +26.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZR and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between CZR and FNGD?
As of 2026-08-27, the correlation of weekly returns between CZR and FNGD is -0.37 over 3 years, -0.14 over 1 year and -0.48 over 5 years.
Is FNGD a good diversifier for CZR?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 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/czr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/czr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CZR correlations · FNGD correlations
