FNGD vs RAPP: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Rapport Therapeutics, Inc. (RAPP) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RAPP?
Over the past 3 years, FNGD and RAPP moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1922.9 %².
By 3-year correlation, RAPP places #624 of the 1743 assets tracked against FNGD. The last year tells two different stories: RAPP led by 295.2 percentage points, -55.7% for FNGD against +239.5% for RAPP.
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 RAPP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RAPP (Rapport Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +239.5% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 89.6% |
| Beta vs S&P 500 | -4.54 | 1.91 |
| Max drawdown (3Y) | -97.6% | -75.5% |
| Market cap | – | $2.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RAPP |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | +71.0% |
| 2026 | -49.5% | +67.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RAPP good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RAPP?
The FNGD/RAPP correlation stands at -0.27 on a 3-year window (1 year: -0.28, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RAPP a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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.
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Related comparisons
Hubs: FNGD correlations · RAPP correlations
