CRNC vs FNGD: Correlation
How closely do Cerence Inc. (CRNC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRNC and FNGD?
Over the past 3 years, CRNC and FNGD moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.50) than the 3-year average (-0.24). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -2468.3 %².
Among the 21 assets we track against CRNC, FNGD sits near the bottom by co-movement, at rank #21. Their recent paths diverged sharply: over the last 12 months CRNC outperformed by 35.9 percentage points (-19.8% for CRNC against -55.7% for FNGD). Note the risk asymmetry: CRNC runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CRNC vs FNGD: side by side
| CRNC (Cerence Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -19.8% | -55.7% |
| 5-year return | -92.5% | -99.4% |
| Volatility (ann.) | 136.3% | 75.7% |
| Beta vs S&P 500 | 2.35 | -4.54 |
| Max drawdown (3Y) | -90.9% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRNC | FNGD |
|---|---|---|
| 2022 | -75.8% | +52.2% |
| 2023 | +6.1% | -90.1% |
| 2024 | -60.1% | -76.6% |
| 2025 | +36.2% | -61.4% |
| 2026 | -21.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRNC and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, CRNC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CRNC and FNGD?
The CRNC/FNGD correlation stands at -0.24 on a 3-year window (1 year: -0.50, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for CRNC?
Yes. With a correlation of -0.24, CRNC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/crnc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crnc-vs-fngd/)
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Related comparisons
Hubs: CRNC correlations · FNGD correlations
