CRDO vs FNGD: Correlation
Measured on weekly returns over the past three years, Credo Technology Group Holding Ltd (CRDO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.64, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRDO and FNGD?
Over the past 3 years, CRDO and FNGD moved with a correlation of -0.64, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.64 lands near the 3-year figure. Over 5 years the correlation is -0.52, and the annualized covariance of weekly returns is -4110.7 %².
Among the 20 assets we track against CRDO, FNGD sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months CRDO outperformed by 151.4 percentage points (+95.7% for CRDO 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.
CRDO vs FNGD: side by side
| CRDO (Credo Technology Group Holding Ltd) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +95.7% | -55.7% |
| 5-year return | +1962.1% | -99.4% |
| Volatility (ann.) | 84.8% | 75.7% |
| Beta vs S&P 500 | 3.44 | -4.54 |
| Max drawdown (3Y) | -61.1% | -97.6% |
| Market cap | $45.1B | – |
| P/E (trailing) | 90.0 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRDO | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +46.3% | -90.1% |
| 2024 | +245.2% | -76.6% |
| 2025 | +114.1% | -61.4% |
| 2026 | +67.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRDO and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.64 means the two rarely move for the same reasons.
FAQ
What is the correlation between CRDO and FNGD?
Using weekly returns as of 2026-08-27: -0.64 over 3 years, with -0.64 over the last year and -0.52 over 5 years.
Is FNGD a good diversifier for CRDO?
By historical standards, yes. A correlation of -0.64 means the two rarely move for the same reasons.
What does a correlation of -0.64 mean?
A reading of -0.64 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: CRDO correlations · FNGD correlations
