FNGD vs RA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Brookfield Real Assets Income Fund Inc. (RA) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RA?
Over the past 3 years, FNGD and RA moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.21) runs above the 3-year figure (-0.36). Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -237.8 %².
Within FNGD's tracked universe of 1743 assets, RA comes in at #1200 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RA ahead by 60.3 points (-55.7% versus +4.6%). One caveat on sizing: FNGD is 8.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FNGD vs RA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RA (Brookfield Real Assets Income Fund Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +4.6% |
| 5-year return | -99.4% | +3.5% |
| Volatility (ann.) | 75.7% | 8.8% |
| Beta vs S&P 500 | -4.54 | 0.32 |
| Max drawdown (3Y) | -97.6% | -27.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | 11.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RA |
|---|---|---|
| 2022 | +52.2% | -13.5% |
| 2023 | -90.1% | -9.0% |
| 2024 | -76.6% | +15.9% |
| 2025 | -61.4% | +8.3% |
| 2026 | -49.5% | +4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RA good diversifiers for each other?
Yes. With a correlation of -0.36, FNGD and RA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RA?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.21 over the last year and -0.25 over 5 years.
Is RA a good diversifier for FNGD?
Yes. With a correlation of -0.36, FNGD and RA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ra.json
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Related comparisons
Hubs: FNGD correlations · RA correlations
