COHR vs FNGD: Correlation
Coherent Corp. (COHR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COHR and FNGD?
Over the past 3 years, COHR and FNGD moved with a correlation of -0.54, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.31) than the 3-year average (-0.54). Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -2664.0 %².
FNGD is close to the least connected end of COHR's tracked universe, ranking #41 of 41. The last year tells two different stories: COHR led by 281.3 percentage points, +225.6% for COHR 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.
COHR vs FNGD: side by side
| COHR (Coherent Corp.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +225.6% | -55.7% |
| 5-year return | +368.6% | -99.4% |
| Volatility (ann.) | 65.0% | 75.7% |
| Beta vs S&P 500 | 2.76 | -4.54 |
| Max drawdown (3Y) | -54.8% | -97.6% |
| Market cap | $57.8B | – |
| P/E (trailing) | 71.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | COHR | FNGD |
|---|---|---|
| 2022 | -48.6% | +52.2% |
| 2023 | +24.0% | -90.1% |
| 2024 | +117.6% | -76.6% |
| 2025 | +94.8% | -61.4% |
| 2026 | +60.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COHR and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
FAQ
What is the correlation between COHR and FNGD?
Using weekly returns as of 2026-08-27: -0.54 over 3 years, with -0.31 over the last year and -0.53 over 5 years.
Is FNGD a good diversifier for COHR?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
What does a correlation of -0.54 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/cohr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cohr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COHR correlations · FNGD correlations
