CGNX vs FNGD: Correlation
Measured on weekly returns over the past three years, Cognex Corporation (CGNX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGNX and FNGD?
Over the past 3 years, CGNX and FNGD moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.15 lands near the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -878.6 %².
FNGD is close to the least connected end of CGNX's tracked universe, ranking #14 of 16. Correlation aside, the last 12 months split them widely, with CGNX ahead by 98.9 points (+43.2% versus -55.7%). 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.
CGNX vs FNGD: side by side
| CGNX (Cognex Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +43.2% | -55.7% |
| 5-year return | -27.4% | -99.4% |
| Volatility (ann.) | 45.5% | 75.7% |
| Beta vs S&P 500 | 1.27 | -4.54 |
| Max drawdown (3Y) | -55.7% | -97.6% |
| Market cap | $10.6B | – |
| P/E (trailing) | 59.4 | 20.6 |
| Dividend yield | 0.54% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGNX | FNGD |
|---|---|---|
| 2022 | -39.1% | +52.2% |
| 2023 | -10.8% | -90.1% |
| 2024 | -13.4% | -76.6% |
| 2025 | +1.2% | -61.4% |
| 2026 | +75.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGNX and FNGD good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CGNX and FNGD?
The CGNX/FNGD correlation stands at -0.25 on a 3-year window (1 year: -0.15, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CGNX?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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/cgnx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgnx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGNX correlations · FNGD correlations
