FNGD vs RCL: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Royal Caribbean Group (RCL) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RCL?
On 3 years of weekly data the FNGD/RCL correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.38). The 5-year figure is -0.42, and annualized covariance runs at -1203.2 %².
Within FNGD's tracked universe of 1743 assets, RCL comes in at #1286 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RCL outperformed by 36.4 percentage points (-55.7% for FNGD against -19.3% for RCL). Risk is not evenly split, since FNGD carries 1.8 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 RCL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RCL (Royal Caribbean Group) | |
|---|---|---|
| 1-year return | -55.7% | -19.3% |
| 5-year return | -99.4% | +257.6% |
| Volatility (ann.) | 75.7% | 41.3% |
| Beta vs S&P 500 | -4.54 | 1.46 |
| Max drawdown (3Y) | -97.6% | -35.0% |
| Market cap | – | $76.2B |
| P/E (trailing) | 20.6 | 17.9 |
| Dividend yield | 0.00% | 1.72% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FNGD | RCL |
|---|---|---|
| 2022 | +52.2% | -35.7% |
| 2023 | -90.1% | +162.0% |
| 2024 | -76.6% | +79.0% |
| 2025 | -61.4% | +22.5% |
| 2026 | -49.5% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RCL good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RCL?
As of 2026-08-27, the correlation of weekly returns between FNGD and RCL is -0.38 over 3 years, -0.12 over 1 year and -0.42 over 5 years.
Is RCL a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 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-rcl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-rcl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RCL correlations
