CNL vs FNGD: Correlation
How closely do Collective Mining Ltd. (CNL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNL and FNGD?
Across a 3-year window, the weekly returns of CNL and FNGD correlate at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.32) runs below the 3-year figure (-0.19). Stretching to 5 years gives -0.06, with an annualized covariance of -847.2 %².
Among the 10 assets we track against CNL, FNGD sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with CNL ahead by 86.7 points (+31.0% versus -55.7%).
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.
CNL vs FNGD: side by side
| CNL (Collective Mining Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +31.0% | -55.7% |
| 5-year return | +565.6% | -99.4% |
| Volatility (ann.) | 59.9% | 75.7% |
| Beta vs S&P 500 | 0.70 | -4.54 |
| Max drawdown (3Y) | -51.6% | -97.6% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNL | FNGD |
|---|---|---|
| 2022 | -12.8% | +52.2% |
| 2023 | +67.4% | -90.1% |
| 2024 | +29.6% | -76.6% |
| 2025 | +250.7% | -61.4% |
| 2026 | +9.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNL and FNGD good diversifiers for each other?
Yes. With a correlation of -0.19, CNL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNL and FNGD?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.32 over the last year and -0.06 over 5 years.
Is FNGD a good diversifier for CNL?
Yes. With a correlation of -0.19, CNL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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/cnl-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnl-vs-fngd/)
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Related comparisons
Hubs: CNL correlations · FNGD correlations
