FNGD vs RCEL: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Avita Medical, Inc. (RCEL) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RCEL?
Over the past 3 years, FNGD and RCEL moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -1958.9 %².
By 3-year correlation, RCEL places #721 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with RCEL ahead by 183.5 points (-55.7% versus +127.8%).
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 RCEL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RCEL (Avita Medical, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +127.8% |
| 5-year return | -99.4% | -48.7% |
| Volatility (ann.) | 75.7% | 91.0% |
| Beta vs S&P 500 | -4.54 | 2.01 |
| Max drawdown (3Y) | -97.6% | -82.1% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RCEL |
|---|---|---|
| 2022 | +52.2% | -44.9% |
| 2023 | -90.1% | +107.9% |
| 2024 | -76.6% | -6.7% |
| 2025 | -61.4% | -73.0% |
| 2026 | -49.5% | +199.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RCEL good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RCEL?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.27 over the last year and -0.36 over 5 years.
Is RCEL a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rcel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-rcel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RCEL correlations
