CEVA vs FNGD: Correlation
Measured on weekly returns over the past three years, CEVA, Inc. (CEVA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEVA and FNGD?
Across a 3-year window, the weekly returns of CEVA and FNGD correlate at -0.51, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.43 lands near the 3-year figure. Stretching to 5 years gives -0.50, with an annualized covariance of -2216.9 %².
FNGD is close to the least connected end of CEVA's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with CEVA ahead by 81.5 points (+25.8% 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.
CEVA vs FNGD: side by side
| CEVA (CEVA, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +25.8% | -55.7% |
| 5-year return | -40.9% | -99.4% |
| Volatility (ann.) | 57.4% | 75.7% |
| Beta vs S&P 500 | 2.37 | -4.54 |
| Max drawdown (3Y) | -55.2% | -97.6% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEVA | FNGD |
|---|---|---|
| 2022 | -40.8% | +52.2% |
| 2023 | -11.2% | -90.1% |
| 2024 | +38.9% | -76.6% |
| 2025 | -31.8% | -61.4% |
| 2026 | +32.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEVA and FNGD good diversifiers for each other?
Yes. With a correlation of -0.51, CEVA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CEVA and FNGD?
The CEVA/FNGD correlation stands at -0.51 on a 3-year window (1 year: -0.43, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CEVA?
Yes. With a correlation of -0.51, CEVA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.51 mean?
A reading of -0.51 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/ceva-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ceva-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEVA correlations · FNGD correlations
