FNGD vs RACE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ferrari N.V. (RACE) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RACE?
On 3 years of weekly data the FNGD/RACE correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.34 over 3 years. The 5-year figure is -0.46, and annualized covariance runs at -849.3 %².
Among the 1743 assets we track against FNGD, RACE ranks #1099 by 3-year correlation. The last year tells two different stories: RACE led by 44.9 percentage points, -55.7% for FNGD against -10.8% for RACE. Risk is not evenly split, since FNGD carries 2.3 times the volatility of the other side.
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 RACE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RACE (Ferrari N.V.) | |
|---|---|---|
| 1-year return | -55.7% | -10.8% |
| 5-year return | -99.4% | +98.0% |
| Volatility (ann.) | 75.7% | 32.9% |
| Beta vs S&P 500 | -4.54 | 0.99 |
| Max drawdown (3Y) | -97.6% | -39.2% |
| Market cap | – | $72.8B |
| P/E (trailing) | 20.6 | 38.2 |
| Dividend yield | 0.00% | 0.88% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RACE |
|---|---|---|
| 2022 | +52.2% | -16.7% |
| 2023 | -90.1% | +59.1% |
| 2024 | -76.6% | +26.3% |
| 2025 | -61.4% | -12.3% |
| 2026 | -49.5% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RACE good diversifiers for each other?
Yes. With a correlation of -0.34, FNGD and RACE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RACE?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.18 over the last year and -0.46 over 5 years.
Is RACE a good diversifier for FNGD?
Yes. With a correlation of -0.34, FNGD and RACE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 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.
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Related comparisons
Hubs: FNGD correlations · RACE correlations
