CIGI vs FNGD: Correlation
How closely do Colliers International Group Inc. - Subordinate Voting (CIGI) 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 CIGI and FNGD?
On 3 years of weekly data the CIGI/FNGD correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. The 5-year figure is -0.39, and annualized covariance runs at -677.9 %².
Among the 14 assets we track against CIGI, FNGD sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with CIGI ahead by 17.8 points (-37.9% versus -55.7%). Risk is not evenly split, since FNGD carries 2.5 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.
CIGI vs FNGD: side by side
| CIGI (Colliers International Group Inc. - Subordinate Voting) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -37.9% | -55.7% |
| 5-year return | -24.2% | -99.4% |
| Volatility (ann.) | 30.6% | 75.7% |
| Beta vs S&P 500 | 0.98 | -4.54 |
| Max drawdown (3Y) | -47.5% | -97.6% |
| Market cap | $5.3B | – |
| P/E (trailing) | 48.8 | 20.6 |
| Dividend yield | 0.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CIGI | FNGD |
|---|---|---|
| 2022 | -37.9% | +52.2% |
| 2023 | +37.8% | -90.1% |
| 2024 | +7.7% | -76.6% |
| 2025 | +8.4% | -61.4% |
| 2026 | -29.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CIGI and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between CIGI and FNGD?
As of 2026-08-27, the correlation of weekly returns between CIGI and FNGD is -0.29 over 3 years, -0.24 over 1 year and -0.39 over 5 years.
Is FNGD a good diversifier for CIGI?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
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.
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Related comparisons
Hubs: CIGI correlations · FNGD correlations
