CGAU vs FNGD: Correlation
Measured on weekly returns over the past three years, Centerra Gold Inc. (CGAU) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGAU and FNGD?
Across a 3-year window, the weekly returns of CGAU and FNGD correlate at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.39) than the 3-year average (-0.26). Stretching to 5 years gives -0.23, with an annualized covariance of -909.8 %².
Out of 20 assets tracked against CGAU, FNGD lands near the bottom at #18. Their recent paths diverged sharply: over the last 12 months CGAU outperformed by 269.1 percentage points (+213.4% for CGAU against -55.7% for FNGD). One caveat on sizing: FNGD is 1.7 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.
CGAU vs FNGD: side by side
| CGAU (Centerra Gold Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +213.4% | -55.7% |
| 5-year return | +269.1% | -99.4% |
| Volatility (ann.) | 45.7% | 75.7% |
| Beta vs S&P 500 | 1.13 | -4.54 |
| Max drawdown (3Y) | -29.5% | -97.6% |
| Market cap | $4.7B | – |
| P/E (trailing) | 7.6 | 20.6 |
| Dividend yield | 0.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGAU | FNGD |
|---|---|---|
| 2022 | -30.2% | +52.2% |
| 2023 | +19.4% | -90.1% |
| 2024 | -1.4% | -76.6% |
| 2025 | +156.7% | -61.4% |
| 2026 | +70.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGAU and FNGD good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CGAU and FNGD?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.39 over the last year and -0.23 over 5 years.
Is FNGD a good diversifier for CGAU?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/cgau-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgau-vs-fngd/)
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Related comparisons
Hubs: CGAU correlations · FNGD correlations
