CDRE vs FNGD: Correlation
How closely do Cadre Holdings, Inc. (CDRE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDRE and FNGD?
On 3 years of weekly data the CDRE/FNGD correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.25 over 3. The 5-year figure is -0.26, and annualized covariance runs at -705.8 %².
Out of 10 assets tracked against CDRE, FNGD lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months CDRE outperformed by 57.2 percentage points (+1.5% for CDRE against -55.7% for FNGD). One caveat on sizing: FNGD is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CDRE vs FNGD: side by side
| CDRE (Cadre Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +1.5% | -55.7% |
| 5-year return | +116.1% | -99.4% |
| Volatility (ann.) | 36.9% | 75.7% |
| Beta vs S&P 500 | 0.81 | -4.54 |
| Max drawdown (3Y) | -40.6% | -97.6% |
| Market cap | $1.3B | – |
| P/E (trailing) | 38.4 | 20.6 |
| Dividend yield | 1.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDRE | FNGD |
|---|---|---|
| 2022 | -19.7% | +52.2% |
| 2023 | +65.5% | -90.1% |
| 2024 | -0.8% | -76.6% |
| 2025 | +27.8% | -61.4% |
| 2026 | -23.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDRE and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between CDRE and FNGD?
As of 2026-08-27, the correlation of weekly returns between CDRE and FNGD is -0.25 over 3 years, -0.20 over 1 year and -0.26 over 5 years.
Is FNGD a good diversifier for CDRE?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 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/cdre-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdre-vs-fngd/)
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Related comparisons
Hubs: CDRE correlations · FNGD correlations
