CAVA vs FNGD: Correlation
CAVA Group, Inc. (CAVA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAVA and FNGD?
Over the past 3 years, CAVA and FNGD moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.33 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1490.5 %².
Out of 13 assets tracked against CAVA, FNGD lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with CAVA ahead by 54.5 points (-1.2% 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.
CAVA vs FNGD: side by side
| CAVA (CAVA Group, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -1.2% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 59.9% | 75.7% |
| Beta vs S&P 500 | 1.78 | -4.54 |
| Max drawdown (3Y) | -71.1% | -97.6% |
| Market cap | $7.8B | – |
| P/E (trailing) | 119.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAVA | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | +162.4% | -76.6% |
| 2025 | -48.0% | -61.4% |
| 2026 | +14.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAVA and FNGD good diversifiers for each other?
Yes. With a correlation of -0.33, CAVA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAVA and FNGD?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.05 over the last year and n/a over 5 years.
Is FNGD a good diversifier for CAVA?
Yes. With a correlation of -0.33, CAVA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cava-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cava-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAVA correlations · FNGD correlations
