CANG vs FNGD: Correlation
How closely do Cango Inc. Class A (CANG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CANG and FNGD?
On 3 years of weekly data the CANG/FNGD correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. The 5-year figure is -0.18, and annualized covariance runs at -1394.6 %².
FNGD is close to the least connected end of CANG's tracked universe, ranking #11 of 11. Correlation aside, the last 12 months split them widely, with FNGD ahead by 33.7 points (-89.4% versus -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.
CANG vs FNGD: side by side
| CANG (Cango Inc. Class A) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -89.4% | -55.7% |
| 5-year return | -60.9% | -99.4% |
| Volatility (ann.) | 84.7% | 75.7% |
| Beta vs S&P 500 | 1.14 | -4.54 |
| Max drawdown (3Y) | -96.5% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CANG | FNGD |
|---|---|---|
| 2022 | +36.2% | +52.2% |
| 2023 | -22.1% | -90.1% |
| 2024 | +331.4% | -76.6% |
| 2025 | -31.8% | -61.4% |
| 2026 | -82.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CANG and FNGD good diversifiers for each other?
Yes. With a correlation of -0.22, CANG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CANG and FNGD?
As of 2026-08-27, the correlation of weekly returns between CANG and FNGD is -0.22 over 3 years, -0.32 over 1 year and -0.18 over 5 years.
Is FNGD a good diversifier for CANG?
Yes. With a correlation of -0.22, CANG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/cang-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cang-vs-fngd/)
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Related comparisons
Hubs: CANG correlations · FNGD correlations
