CDZI vs FNGD: Correlation
Measured on weekly returns over the past three years, Cadiz, Inc. (CDZI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDZI and FNGD?
Over the past 3 years, CDZI and FNGD moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -1301.0 %².
Out of 10 assets tracked against CDZI, FNGD lands near the bottom at #8. The last year tells two different stories: CDZI led by 63.6 percentage points, +7.9% for CDZI against -55.7% for FNGD.
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.
CDZI vs FNGD: side by side
| CDZI (Cadiz, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +7.9% | -55.7% |
| 5-year return | -70.6% | -99.4% |
| Volatility (ann.) | 61.2% | 75.7% |
| Beta vs S&P 500 | 1.31 | -4.54 |
| Max drawdown (3Y) | -56.9% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDZI | FNGD |
|---|---|---|
| 2022 | -35.2% | +52.2% |
| 2023 | +12.0% | -90.1% |
| 2024 | +85.7% | -76.6% |
| 2025 | +7.9% | -61.4% |
| 2026 | -29.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDZI and FNGD good diversifiers for each other?
Yes. With a correlation of -0.28, CDZI and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CDZI and FNGD?
The CDZI/FNGD correlation stands at -0.28 on a 3-year window (1 year: -0.38, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CDZI?
Yes. With a correlation of -0.28, CDZI and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/cdzi-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdzi-vs-fngd/)
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Related comparisons
Hubs: CDZI correlations · FNGD correlations
