CION vs FNGD: Correlation
How closely do CION Investment Corporation (CION) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CION and FNGD?
On 3 years of weekly data the CION/FNGD correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.39 lands near the 3-year figure. The 5-year figure is -0.36, and annualized covariance runs at -711.2 %².
Among the 22 assets we track against CION, FNGD sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months CION outperformed by 38.0 percentage points (-17.7% for CION against -55.7% for FNGD). One caveat on sizing: FNGD is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CION vs FNGD: side by side
| CION (CION Investment Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -17.7% | -55.7% |
| 5-year return | +26.2% | -99.4% |
| Volatility (ann.) | 30.2% | 75.7% |
| Beta vs S&P 500 | 0.86 | -4.54 |
| Max drawdown (3Y) | -40.3% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | 123.5 | 20.6 |
| Dividend yield | 17.98% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CION | FNGD |
|---|---|---|
| 2022 | -14.8% | +52.2% |
| 2023 | +35.4% | -90.1% |
| 2024 | +14.8% | -76.6% |
| 2025 | -2.3% | -61.4% |
| 2026 | -14.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CION and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between CION and FNGD?
The CION/FNGD correlation stands at -0.31 on a 3-year window (1 year: -0.39, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CION?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CION correlations · FNGD correlations
