COCO vs FNGD: Correlation
The Vita Coco Company, Inc. (COCO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COCO and FNGD?
On 3 years of weekly data the COCO/FNGD correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.27). The 5-year figure is -0.32, and annualized covariance runs at -989.7 %².
Out of 10 assets tracked against COCO, FNGD lands near the bottom at #10. The last year tells two different stories: COCO led by 133.6 percentage points, +77.9% for COCO against -55.7% for FNGD. One caveat on sizing: FNGD is 1.6 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.
COCO vs FNGD: side by side
| COCO (The Vita Coco Company, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +77.9% | -55.7% |
| 5-year return | +355.8% | -99.4% |
| Volatility (ann.) | 48.3% | 75.7% |
| Beta vs S&P 500 | 1.00 | -4.54 |
| Max drawdown (3Y) | -38.5% | -97.6% |
| Market cap | $3.6B | – |
| P/E (trailing) | 34.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | COCO | FNGD |
|---|---|---|
| 2022 | +23.7% | +52.2% |
| 2023 | +85.6% | -90.1% |
| 2024 | +43.9% | -76.6% |
| 2025 | +43.6% | -61.4% |
| 2026 | +16.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COCO and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between COCO and FNGD?
As of 2026-08-27, the correlation of weekly returns between COCO and FNGD is -0.27 over 3 years, -0.13 over 1 year and -0.32 over 5 years.
Is FNGD a good diversifier for COCO?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 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/coco-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/coco-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COCO correlations · FNGD correlations
