FNGD vs RDNW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and RideNow Group, Inc. (RDNW) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RDNW?
On 3 years of weekly data the FNGD/RDNW correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.21). The 5-year figure is -0.28, and annualized covariance runs at -1291.1 %².
Within FNGD's tracked universe of 1743 assets, RDNW comes in at #133 by 3-year correlation. The last year tells two different stories: RDNW led by 128.7 percentage points, -55.7% for FNGD against +73.0% for RDNW.
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 RDNW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RDNW (RideNow Group, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +73.0% |
| 5-year return | -99.4% | -83.4% |
| Volatility (ann.) | 75.7% | 80.4% |
| Beta vs S&P 500 | -4.54 | 2.03 |
| Max drawdown (3Y) | -97.6% | -82.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RDNW |
|---|---|---|
| 2022 | +52.2% | -84.4% |
| 2023 | -90.1% | +25.8% |
| 2024 | -76.6% | -33.3% |
| 2025 | -61.4% | +1.7% |
| 2026 | -49.5% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RDNW good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RDNW?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with 0.01 over the last year and -0.28 over 5 years.
Is RDNW a good diversifier for FNGD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 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-rdnw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rdnw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RDNW correlations
