CGEM vs FNGD: Correlation
How closely do Cullinan Therapeutics, Inc. (CGEM) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGEM and FNGD?
Across a 3-year window, the weekly returns of CGEM and FNGD correlate at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Stretching to 5 years gives -0.21, with an annualized covariance of -1314.7 %².
Among the 13 assets we track against CGEM, FNGD sits near the bottom by co-movement, at rank #12. The last year tells two different stories: CGEM led by 240.7 percentage points, +185.0% for CGEM 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.
CGEM vs FNGD: side by side
| CGEM (Cullinan Therapeutics, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +185.0% | -55.7% |
| 5-year return | -23.5% | -99.4% |
| Volatility (ann.) | 72.4% | 75.7% |
| Beta vs S&P 500 | 1.20 | -4.54 |
| Max drawdown (3Y) | -80.4% | -97.6% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGEM | FNGD |
|---|---|---|
| 2022 | -31.6% | +52.2% |
| 2023 | -3.4% | -90.1% |
| 2024 | +19.5% | -76.6% |
| 2025 | -15.0% | -61.4% |
| 2026 | +118.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGEM and FNGD good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CGEM and FNGD?
As of 2026-08-27, the correlation of weekly returns between CGEM and FNGD is -0.24 over 3 years, -0.23 over 1 year and -0.21 over 5 years.
Is FNGD a good diversifier for CGEM?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/cgem-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgem-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGEM correlations · FNGD correlations
