CIFR vs FNGD: Correlation
How closely do Cipher Digital Inc. (CIFR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CIFR and FNGD?
Over the past 3 years, CIFR and FNGD moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.21 lands near the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -2469.1 %².
FNGD is close to the least connected end of CIFR's tracked universe, ranking #17 of 18. Correlation aside, the last 12 months split them widely, with CIFR ahead by 195.6 points (+139.9% versus -55.7%). Risk is not evenly split, since CIFR carries 1.5 times the volatility of the other side.
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.
CIFR vs FNGD: side by side
| CIFR (Cipher Digital Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +139.9% | -55.7% |
| 5-year return | +63.3% | -99.4% |
| Volatility (ann.) | 114.3% | 75.7% |
| Beta vs S&P 500 | 2.86 | -4.54 |
| Max drawdown (3Y) | -71.7% | -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 | CIFR | FNGD |
|---|---|---|
| 2022 | -87.9% | +52.2% |
| 2023 | +637.5% | -90.1% |
| 2024 | +12.3% | -76.6% |
| 2025 | +218.1% | -61.4% |
| 2026 | +13.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CIFR and FNGD good diversifiers for each other?
Yes. With a correlation of -0.29, CIFR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CIFR and FNGD?
As of 2026-08-27, the correlation of weekly returns between CIFR and FNGD is -0.29 over 3 years, -0.21 over 1 year and -0.36 over 5 years.
Is FNGD a good diversifier for CIFR?
Yes. With a correlation of -0.29, CIFR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cifr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cifr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CIFR correlations · FNGD correlations
