CHPT vs FNGD: Correlation
Measured on weekly returns over the past three years, ChargePoint Holdings, Inc. (CHPT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHPT and FNGD?
On 3 years of weekly data the CHPT/FNGD correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.57) runs below the 3-year figure (-0.43). The 5-year figure is -0.47, and annualized covariance runs at -2474.5 %².
Out of 16 assets tracked against CHPT, FNGD lands near the bottom at #16. The trailing year gives CHPT the advantage: -49.1% versus -55.7%, a 6.6-point spread.
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.
CHPT vs FNGD: side by side
| CHPT (ChargePoint Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -49.1% | -55.7% |
| 5-year return | -98.6% | -99.4% |
| Volatility (ann.) | 76.7% | 75.7% |
| Beta vs S&P 500 | 2.40 | -4.54 |
| Max drawdown (3Y) | -97.0% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHPT | FNGD |
|---|---|---|
| 2022 | -50.0% | +52.2% |
| 2023 | -75.4% | -90.1% |
| 2024 | -54.3% | -76.6% |
| 2025 | -69.0% | -61.4% |
| 2026 | -12.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHPT and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between CHPT and FNGD?
As of 2026-08-27, the correlation of weekly returns between CHPT and FNGD is -0.43 over 3 years, -0.57 over 1 year and -0.47 over 5 years.
Is FNGD a good diversifier for CHPT?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
A reading of -0.43 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
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Related comparisons
Hubs: CHPT correlations · FNGD correlations
