CDNS vs FNGO: Correlation
Measured on weekly returns over the past three years, Cadence Design Systems (CDNS) and MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDNS and FNGO?
Over the past 3 years, CDNS and FNGO moved with a correlation of 0.62, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.62 over 3 years. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 1149.6 %².
Among the 34 assets we track against CDNS, FNGO ranks #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FNGO ahead by 33.5 points (+0.2% versus +33.7%).
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.
CDNS vs FNGO: side by side
| CDNS (Cadence Design Systems) | FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | |
|---|---|---|
| 1-year return | +0.2% | +33.7% |
| 5-year return | +112.1% | +220.3% |
| Volatility (ann.) | 35.8% | 51.9% |
| Beta vs S&P 500 | 1.45 | 3.12 |
| Max drawdown (3Y) | -29.1% | -47.6% |
| Market cap | $95.7B | – |
| P/E (trailing) | 66.7 | 30.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CDNS | FNGO |
|---|---|---|
| 2022 | -13.8% | -71.6% |
| 2023 | +69.6% | +240.1% |
| 2024 | +10.3% | +101.7% |
| 2025 | +4.0% | +25.5% |
| 2026 | +11.2% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDNS and FNGO good diversifiers for each other?
Only partially. A correlation of 0.62 means CDNS and FNGO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CDNS and FNGO?
The CDNS/FNGO correlation stands at 0.62 on a 3-year window (1 year: 0.45, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is FNGO a good diversifier for CDNS?
Only partially. A correlation of 0.62 means CDNS and FNGO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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/cdns-vs-fngo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cdns-vs-fngo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CDNS correlations · FNGO correlations
