CGON vs FNGD: Correlation
How closely do CG Oncology, Inc. (CGON) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGON and FNGD?
On 3 years of weekly data the CGON/FNGD correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.23) runs above the 3-year figure (-0.34). The 5-year figure is n/a, and annualized covariance runs at -1626.9 %².
FNGD is close to the least connected end of CGON's tracked universe, ranking #17 of 17. The last year tells two different stories: CGON led by 254.1 percentage points, +198.4% for CGON 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.
CGON vs FNGD: side by side
| CGON (CG Oncology, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +198.4% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 61.8% | 75.7% |
| Beta vs S&P 500 | 1.57 | -4.54 |
| Max drawdown (3Y) | -67.5% | -97.6% |
| Market cap | $7.0B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGON | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | – | -76.6% |
| 2025 | +44.8% | -61.4% |
| 2026 | +90.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGON and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between CGON and FNGD?
The CGON/FNGD correlation stands at -0.34 on a 3-year window (1 year: -0.23, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CGON?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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/cgon-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgon-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGON correlations · FNGD correlations
