CIEN vs FNGD: Correlation
How closely do Ciena (CIEN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CIEN and FNGD?
On 3 years of weekly data the CIEN/FNGD correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.40). The 5-year figure is -0.41, and annualized covariance runs at -1507.1 %².
Out of 28 assets tracked against CIEN, FNGD lands near the bottom at #27. Correlation aside, the last 12 months split them widely, with CIEN ahead by 386.9 points (+331.2% versus -55.7%). 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.
CIEN vs FNGD: side by side
| CIEN (Ciena) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +331.2% | -55.7% |
| 5-year return | +598.5% | -99.4% |
| Volatility (ann.) | 50.1% | 75.7% |
| Beta vs S&P 500 | 1.59 | -4.54 |
| Max drawdown (3Y) | -47.3% | -97.6% |
| Market cap | $56.6B | – |
| P/E (trailing) | 133.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CIEN | FNGD |
|---|---|---|
| 2022 | -33.8% | +52.2% |
| 2023 | -11.7% | -90.1% |
| 2024 | +88.4% | -76.6% |
| 2025 | +175.8% | -61.4% |
| 2026 | +71.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CIEN and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between CIEN and FNGD?
The CIEN/FNGD correlation stands at -0.40 on a 3-year window (1 year: -0.13, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CIEN?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 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/cien-vs-fngd.json
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Related comparisons
Hubs: CIEN correlations · FNGD correlations
