FNGD vs RDNT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and RadNet, Inc. (RDNT) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RDNT?
On 3 years of weekly data the FNGD/RDNT correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.32). The 5-year figure is -0.38, and annualized covariance runs at -1043.7 %².
By 3-year correlation, RDNT places #983 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months RDNT outperformed by 61.4 percentage points (-55.7% for FNGD against +5.7% for RDNT). One caveat on sizing: FNGD is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 RDNT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RDNT (RadNet, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +5.7% |
| 5-year return | -99.4% | +146.0% |
| Volatility (ann.) | 75.7% | 42.6% |
| Beta vs S&P 500 | -4.54 | 1.29 |
| Max drawdown (3Y) | -97.6% | -46.8% |
| Market cap | – | $5.9B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RDNT |
|---|---|---|
| 2022 | +52.2% | -37.5% |
| 2023 | -90.1% | +84.7% |
| 2024 | -76.6% | +100.9% |
| 2025 | -61.4% | +2.2% |
| 2026 | -49.5% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RDNT good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and RDNT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RDNT?
As of 2026-08-27, the correlation of weekly returns between FNGD and RDNT is -0.32 over 3 years, -0.17 over 1 year and -0.38 over 5 years.
Is RDNT a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and RDNT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rdnt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-rdnt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · RDNT correlations
