CDNS vs FNGD: Correlation
Measured on weekly returns over the past three years, Cadence Design Systems (CDNS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.63, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDNS and FNGD?
Over the past 3 years, CDNS and FNGD moved with a correlation of -0.63, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.45) than the 3-year average (-0.63). Over 5 years the correlation is -0.66, and the annualized covariance of weekly returns is -1693.0 %².
Among the 34 assets we track against CDNS, FNGD sits near the bottom by co-movement, at rank #34. Their recent paths diverged sharply: over the last 12 months CDNS outperformed by 55.9 percentage points (+0.2% for CDNS against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.1 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.
CDNS vs FNGD: side by side
| CDNS (Cadence Design Systems) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +0.2% | -55.7% |
| 5-year return | +112.1% | -99.4% |
| Volatility (ann.) | 35.8% | 75.7% |
| Beta vs S&P 500 | 1.45 | -4.54 |
| Max drawdown (3Y) | -29.1% | -97.6% |
| Market cap | $95.7B | – |
| P/E (trailing) | 66.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CDNS | FNGD |
|---|---|---|
| 2022 | -13.8% | +52.2% |
| 2023 | +69.6% | -90.1% |
| 2024 | +10.3% | -76.6% |
| 2025 | +4.0% | -61.4% |
| 2026 | +11.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDNS and FNGD good diversifiers for each other?
Yes: at -0.63, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CDNS and FNGD?
The CDNS/FNGD correlation stands at -0.63 on a 3-year window (1 year: -0.45, 5 years: -0.66), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CDNS?
Yes: at -0.63, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.63 mean?
A reading of -0.63 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/cdns-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdns-vs-fngd/)
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Related comparisons
Hubs: CDNS correlations · FNGD correlations
