FNGD vs RARE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ultragenyx Pharmaceutical Inc. (RARE) 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 RARE?
On 3 years of weekly data the FNGD/RARE correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -1328.2 %².
Within FNGD's tracked universe of 1743 assets, RARE comes in at #1100 by 3-year correlation. The last year tells two different stories: RARE led by 43.0 percentage points, -55.7% for FNGD against -12.7% for RARE.
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 RARE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RARE (Ultragenyx Pharmaceutical Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -12.7% |
| 5-year return | -99.4% | -72.6% |
| Volatility (ann.) | 75.7% | 51.1% |
| Beta vs S&P 500 | -4.54 | 1.38 |
| Max drawdown (3Y) | -97.6% | -68.8% |
| Market cap | – | $2.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RARE |
|---|---|---|
| 2022 | +52.2% | -44.9% |
| 2023 | -90.1% | +3.2% |
| 2024 | -76.6% | -12.0% |
| 2025 | -61.4% | -45.3% |
| 2026 | -49.5% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RARE good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RARE?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.37 over the last year and -0.33 over 5 years.
Is RARE a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rare.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-rare/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RARE correlations
