CGNT vs FNGD: Correlation
Measured on weekly returns over the past three years, Cognyte Software Ltd. (CGNT) 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 CGNT and FNGD?
On 3 years of weekly data the CGNT/FNGD correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.57 versus -0.35 over 3 years. The 5-year figure is -0.37, and annualized covariance runs at -1292.6 %².
FNGD is close to the least connected end of CGNT's tracked universe, ranking #15 of 15. Their recent paths diverged sharply: over the last 12 months CGNT outperformed by 59.1 percentage points (+3.4% for CGNT against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CGNT vs FNGD: side by side
| CGNT (Cognyte Software Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +3.4% | -55.7% |
| 5-year return | -67.0% | -99.4% |
| Volatility (ann.) | 49.0% | 75.7% |
| Beta vs S&P 500 | 1.00 | -4.54 |
| Max drawdown (3Y) | -44.3% | -97.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGNT | FNGD |
|---|---|---|
| 2022 | -80.2% | +52.2% |
| 2023 | +106.8% | -90.1% |
| 2024 | +34.5% | -76.6% |
| 2025 | +8.7% | -61.4% |
| 2026 | -4.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGNT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.35, CGNT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CGNT and FNGD?
As of 2026-08-27, the correlation of weekly returns between CGNT and FNGD is -0.35 over 3 years, -0.57 over 1 year and -0.37 over 5 years.
Is FNGD a good diversifier for CGNT?
Yes. With a correlation of -0.35, CGNT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cgnt-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgnt-vs-fngd/)
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Related comparisons
Hubs: CGNT correlations · FNGD correlations
