CNNE vs FNGD: Correlation
Measured on weekly returns over the past three years, Cannae Holdings, Inc. (CNNE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNNE and FNGD?
Across a 3-year window, the weekly returns of CNNE and FNGD correlate at -0.30, 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. Stretching to 5 years gives -0.45, with an annualized covariance of -681.4 %².
FNGD is close to the least connected end of CNNE's tracked universe, ranking #9 of 11. Correlation aside, the last 12 months split them widely, with CNNE ahead by 41.9 points (-13.8% versus -55.7%). 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.
CNNE vs FNGD: side by side
| CNNE (Cannae Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -13.8% | -55.7% |
| 5-year return | -47.5% | -99.4% |
| Volatility (ann.) | 29.8% | 75.7% |
| Beta vs S&P 500 | 0.98 | -4.54 |
| Max drawdown (3Y) | -50.0% | -97.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 3.88% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNNE | FNGD |
|---|---|---|
| 2022 | -41.3% | +52.2% |
| 2023 | -5.5% | -90.1% |
| 2024 | +3.7% | -76.6% |
| 2025 | -18.3% | -61.4% |
| 2026 | +0.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNNE and FNGD good diversifiers for each other?
Yes. With a correlation of -0.30, CNNE and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNNE and FNGD?
The CNNE/FNGD correlation stands at -0.30 on a 3-year window (1 year: -0.30, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CNNE?
Yes. With a correlation of -0.30, CNNE 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
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Related comparisons
Hubs: CNNE correlations · FNGD correlations
