CPNG vs FNGD: Correlation
Coupang, Inc. (CPNG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPNG and FNGD?
Across a 3-year window, the weekly returns of CPNG and FNGD correlate at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.39 over 3 years. Stretching to 5 years gives -0.40, with an annualized covariance of -1112.7 %².
Out of 11 assets tracked against CPNG, FNGD lands near the bottom at #11. The trailing year gives CPNG the advantage: -42.5% versus -55.7%, a 13.2-point spread. Risk is not evenly split, since FNGD carries 2.0 times the volatility of the other side.
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.
CPNG vs FNGD: side by side
| CPNG (Coupang, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -42.5% | -55.7% |
| 5-year return | -46.1% | -99.4% |
| Volatility (ann.) | 37.4% | 75.7% |
| Beta vs S&P 500 | 0.95 | -4.54 |
| Max drawdown (3Y) | -54.9% | -97.6% |
| Market cap | $29.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPNG | FNGD |
|---|---|---|
| 2022 | -49.9% | +52.2% |
| 2023 | +10.1% | -90.1% |
| 2024 | +35.8% | -76.6% |
| 2025 | +7.3% | -61.4% |
| 2026 | -31.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPNG and FNGD good diversifiers for each other?
Yes. With a correlation of -0.39, CPNG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CPNG and FNGD?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.50 over the last year and -0.40 over 5 years.
Is FNGD a good diversifier for CPNG?
Yes. With a correlation of -0.39, CPNG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 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
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Related comparisons
Hubs: CPNG correlations · FNGD correlations
