CCJ vs FNGD: Correlation
Cameco Corporation (CCJ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCJ and FNGD?
On 3 years of weekly data the CCJ/FNGD correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.46) sits close to the 3-year figure. The 5-year figure is -0.37, and annualized covariance runs at -1372.4 %².
FNGD is close to the least connected end of CCJ's tracked universe, ranking #15 of 15. Their recent paths diverged sharply: over the last 12 months CCJ outperformed by 97.2 percentage points (+41.5% for CCJ against -55.7% for FNGD). Note the risk asymmetry: FNGD 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.
CCJ vs FNGD: side by side
| CCJ (Cameco Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +41.5% | -55.7% |
| 5-year return | +501.7% | -99.4% |
| Volatility (ann.) | 44.1% | 75.7% |
| Beta vs S&P 500 | 1.33 | -4.54 |
| Max drawdown (3Y) | -40.0% | -97.6% |
| Market cap | $46.3B | – |
| P/E (trailing) | 183.3 | 20.6 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCJ | FNGD |
|---|---|---|
| 2022 | +4.3% | +52.2% |
| 2023 | +90.5% | -90.1% |
| 2024 | +19.5% | -76.6% |
| 2025 | +78.4% | -61.4% |
| 2026 | +16.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCJ and FNGD good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCJ and FNGD?
As of 2026-08-27, the correlation of weekly returns between CCJ and FNGD is -0.41 over 3 years, -0.46 over 1 year and -0.37 over 5 years.
Is FNGD a good diversifier for CCJ?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: CCJ correlations · FNGD correlations
