CRGO vs FNGD: Correlation
Freightos Limited (CRGO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRGO and FNGD?
Across a 3-year window, the weekly returns of CRGO 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 -0.20 lands near the 3-year figure. Stretching to 5 years gives -0.17, with an annualized covariance of -1856.1 %².
Among the 12 assets we track against CRGO, FNGD sits near the bottom by co-movement, at rank #11. Over the last 12 months FNGD came out ahead by 6.0 percentage points (-61.7% against -55.7%).
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.
CRGO vs FNGD: side by side
| CRGO (Freightos Limited) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -61.7% | -55.7% |
| 5-year return | -86.7% | -99.4% |
| Volatility (ann.) | 82.7% | 75.7% |
| Beta vs S&P 500 | 1.79 | -4.54 |
| Max drawdown (3Y) | -72.6% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRGO | FNGD |
|---|---|---|
| 2022 | +4.2% | +52.2% |
| 2023 | -67.3% | -90.1% |
| 2024 | -8.4% | -76.6% |
| 2025 | -25.2% | -61.4% |
| 2026 | -43.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRGO and FNGD good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CRGO and FNGD?
As of 2026-08-27, the correlation of weekly returns between CRGO and FNGD is -0.30 over 3 years, -0.20 over 1 year and -0.17 over 5 years.
Is FNGD a good diversifier for CRGO?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 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: CRGO correlations · FNGD correlations
