CTGO vs FNGD: Correlation
Contango Silver & Gold Inc. (CTGO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTGO and FNGD?
On 3 years of weekly data the CTGO/FNGD correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.52 versus -0.24 over 3 years. The 5-year figure is -0.14, and annualized covariance runs at -1185.3 %².
Among the 11 assets we track against CTGO, FNGD sits near the bottom by co-movement, at rank #9. The last year tells two different stories: CTGO led by 52.4 percentage points, -3.3% for CTGO 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.
CTGO vs FNGD: side by side
| CTGO (Contango Silver & Gold Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.3% | -55.7% |
| 5-year return | +13.2% | -99.4% |
| Volatility (ann.) | 66.5% | 75.7% |
| Beta vs S&P 500 | 1.34 | -4.54 |
| Max drawdown (3Y) | -64.1% | -97.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CTGO | FNGD |
|---|---|---|
| 2022 | -10.5% | +52.2% |
| 2023 | -21.0% | -90.1% |
| 2024 | -44.7% | -76.6% |
| 2025 | +163.6% | -61.4% |
| 2026 | -22.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTGO and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, CTGO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CTGO and FNGD?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.52 over the last year and -0.14 over 5 years.
Is FNGD a good diversifier for CTGO?
Yes. With a correlation of -0.24, CTGO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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: CTGO correlations · FNGD correlations
