CDXS vs FNGD: Correlation
Measured on weekly returns over the past three years, Codexis, Inc. (CDXS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDXS and FNGD?
On 3 years of weekly data the CDXS/FNGD correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.41) sits close to the 3-year figure. The 5-year figure is -0.41, and annualized covariance runs at -2331.6 %².
Among the 12 assets we track against CDXS, FNGD sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with CDXS ahead by 17.9 points (-37.8% versus -55.7%).
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.
CDXS vs FNGD: side by side
| CDXS (Codexis, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -37.8% | -55.7% |
| 5-year return | -93.7% | -99.4% |
| Volatility (ann.) | 88.6% | 75.7% |
| Beta vs S&P 500 | 2.44 | -4.54 |
| Max drawdown (3Y) | -83.1% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDXS | FNGD |
|---|---|---|
| 2022 | -85.1% | +52.2% |
| 2023 | -34.5% | -90.1% |
| 2024 | +56.4% | -76.6% |
| 2025 | -65.8% | -61.4% |
| 2026 | +1.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDXS and FNGD good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CDXS and FNGD?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.41 over the last year and -0.41 over 5 years.
Is FNGD a good diversifier for CDXS?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/cdxs-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdxs-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDXS correlations · FNGD correlations
