CLNN vs FNGD: Correlation
How closely do Clene Inc. (CLNN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLNN and FNGD?
Across a 3-year window, the weekly returns of CLNN and FNGD correlate at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.24 over 3. Stretching to 5 years gives -0.17, with an annualized covariance of -2035.5 %².
Out of 11 assets tracked against CLNN, FNGD lands near the bottom at #11. The last year tells two different stories: CLNN led by 38.8 percentage points, -16.9% for CLNN 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.
CLNN vs FNGD: side by side
| CLNN (Clene Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -16.9% | -55.7% |
| 5-year return | -97.1% | -99.4% |
| Volatility (ann.) | 111.8% | 75.7% |
| Beta vs S&P 500 | 1.72 | -4.54 |
| Max drawdown (3Y) | -84.4% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLNN | FNGD |
|---|---|---|
| 2022 | -75.6% | +52.2% |
| 2023 | -70.0% | -90.1% |
| 2024 | -11.5% | -76.6% |
| 2025 | +10.5% | -61.4% |
| 2026 | -23.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLNN and FNGD good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CLNN and FNGD?
As of 2026-08-27, the correlation of weekly returns between CLNN and FNGD is -0.24 over 3 years, -0.28 over 1 year and -0.17 over 5 years.
Is FNGD a good diversifier for CLNN?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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/clnn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clnn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLNN correlations · FNGD correlations
