CDLX vs FNGD: Correlation
Measured on weekly returns over the past three years, Cardlytics, Inc. (CDLX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDLX and FNGD?
Across a 3-year window, the weekly returns of CDLX and FNGD correlate at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.15 lands near the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -2054.0 %².
Out of 15 assets tracked against CDLX, FNGD lands near the bottom at #13. Over the last 12 months FNGD came out ahead by 5.4 percentage points (-61.1% against -55.7%). Note the risk asymmetry: CDLX runs 1.8 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.
CDLX vs FNGD: side by side
| CDLX (Cardlytics, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -61.1% | -55.7% |
| 5-year return | -99.6% | -99.4% |
| Volatility (ann.) | 134.2% | 75.7% |
| Beta vs S&P 500 | 2.27 | -4.54 |
| Max drawdown (3Y) | -98.3% | -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 | CDLX | FNGD |
|---|---|---|
| 2022 | -91.3% | +52.2% |
| 2023 | +59.3% | -90.1% |
| 2024 | -59.7% | -76.6% |
| 2025 | -69.0% | -61.4% |
| 2026 | -65.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDLX and FNGD good diversifiers for each other?
Yes. With a correlation of -0.20, CDLX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CDLX and FNGD?
As of 2026-08-27, the correlation of weekly returns between CDLX and FNGD is -0.20 over 3 years, -0.15 over 1 year and -0.31 over 5 years.
Is FNGD a good diversifier for CDLX?
Yes. With a correlation of -0.20, CDLX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdlx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdlx-vs-fngd/)
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Related comparisons
Hubs: CDLX correlations · FNGD correlations
