CDE vs FNGD: Correlation
Measured on weekly returns over the past three years, Coeur Mining, Inc. (CDE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDE and FNGD?
Across a 3-year window, the weekly returns of CDE and FNGD correlate at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. Stretching to 5 years gives -0.30, with an annualized covariance of -1783.5 %².
Out of 10 assets tracked against CDE, FNGD lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with CDE ahead by 134.0 points (+78.3% 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.
CDE vs FNGD: side by side
| CDE (Coeur Mining, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +78.3% | -55.7% |
| 5-year return | +222.7% | -99.4% |
| Volatility (ann.) | 74.8% | 75.7% |
| Beta vs S&P 500 | 1.98 | -4.54 |
| Max drawdown (3Y) | -47.8% | -97.6% |
| Market cap | $22.8B | – |
| P/E (trailing) | 18.7 | 20.6 |
| Dividend yield | 0.09% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDE | FNGD |
|---|---|---|
| 2022 | -33.3% | +52.2% |
| 2023 | -3.0% | -90.1% |
| 2024 | +75.5% | -76.6% |
| 2025 | +211.7% | -61.4% |
| 2026 | +24.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDE and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between CDE and FNGD?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.39 over the last year and -0.30 over 5 years.
Is FNGD a good diversifier for CDE?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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
$ curl https://www.pairbook.io/api/v1/pairs/cde-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cde-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDE correlations · FNGD correlations
