CLBT vs FNGD: Correlation
How closely do Cellebrite DI Ltd. (CLBT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLBT and FNGD?
Over the past 3 years, CLBT and FNGD moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -1202.3 %².
Out of 12 assets tracked against CLBT, FNGD lands near the bottom at #10. The last year tells two different stories: CLBT led by 30.3 percentage points, -25.4% for CLBT against -55.7% for FNGD.
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.
CLBT vs FNGD: side by side
| CLBT (Cellebrite DI Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -25.4% | -55.7% |
| 5-year return | +22.2% | -99.4% |
| Volatility (ann.) | 52.1% | 75.7% |
| Beta vs S&P 500 | 0.97 | -4.54 |
| Max drawdown (3Y) | -59.8% | -97.6% |
| Market cap | $3.1B | – |
| P/E (trailing) | 51.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLBT | FNGD |
|---|---|---|
| 2022 | -45.6% | +52.2% |
| 2023 | +98.6% | -90.1% |
| 2024 | +154.4% | -76.6% |
| 2025 | -18.2% | -61.4% |
| 2026 | -31.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLBT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.30, CLBT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CLBT and FNGD?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.30 over the last year and -0.36 over 5 years.
Is FNGD a good diversifier for CLBT?
Yes. With a correlation of -0.30, CLBT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/clbt-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clbt-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLBT correlations · FNGD correlations
