CABA vs FNGD: Correlation
Measured on weekly returns over the past three years, Cabaletta Bio, Inc. (CABA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CABA and FNGD?
Across a 3-year window, the weekly returns of CABA and FNGD correlate at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.33 over 3. Stretching to 5 years gives -0.33, with an annualized covariance of -3153.1 %².
FNGD is close to the least connected end of CABA's tracked universe, ranking #12 of 14. Correlation aside, the last 12 months split them widely, with CABA ahead by 181.0 points (+125.3% versus -55.7%). Note the risk asymmetry: CABA 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.
CABA vs FNGD: side by side
| CABA (Cabaletta Bio, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +125.3% | -55.7% |
| 5-year return | -66.5% | -99.4% |
| Volatility (ann.) | 125.4% | 75.7% |
| Beta vs S&P 500 | 3.70 | -4.54 |
| Max drawdown (3Y) | -95.9% | -97.6% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CABA | FNGD |
|---|---|---|
| 2022 | +144.1% | +52.2% |
| 2023 | +145.4% | -90.1% |
| 2024 | -90.0% | -76.6% |
| 2025 | -3.5% | -61.4% |
| 2026 | +54.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CABA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between CABA and FNGD?
The CABA/FNGD correlation stands at -0.33 on a 3-year window (1 year: -0.33, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CABA?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
A reading of -0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CABA correlations · FNGD correlations
