CDIO vs FNGD: Correlation
Measured on weekly returns over the past three years, Cardio Diagnostics Holdings Inc. (CDIO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDIO and FNGD?
On 3 years of weekly data the CDIO/FNGD correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.30 over 3 years. The 5-year figure is -0.17, and annualized covariance runs at -4836.9 %².
FNGD is close to the least connected end of CDIO's tracked universe, ranking #10 of 11. Over the last 12 months CDIO came out ahead by 5.6 percentage points (-50.1% against -55.7%). Note the risk asymmetry: CDIO runs 2.8 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.
CDIO vs FNGD: side by side
| CDIO (Cardio Diagnostics Holdings Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -50.1% | -55.7% |
| 5-year return | -99.4% | -99.4% |
| Volatility (ann.) | 214.2% | 75.7% |
| Beta vs S&P 500 | 3.57 | -4.54 |
| Max drawdown (3Y) | -98.9% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDIO | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +134.9% | -90.1% |
| 2024 | -63.2% | -76.6% |
| 2025 | -90.1% | -61.4% |
| 2026 | -31.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDIO and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between CDIO and FNGD?
As of 2026-08-27, the correlation of weekly returns between CDIO and FNGD is -0.30 over 3 years, -0.18 over 1 year and -0.17 over 5 years.
Is FNGD a good diversifier for CDIO?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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:
[](https://www.pairbook.io/pair/cdio-vs-fngd/)
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Related comparisons
Hubs: CDIO correlations · FNGD correlations
