FNGD vs RDW: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Redwire Corporation (RDW) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RDW?
Across a 3-year window, the weekly returns of FNGD and RDW correlate at -0.43, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.46) sits close to the 3-year figure. Stretching to 5 years gives -0.37, with an annualized covariance of -3339.2 %².
Within FNGD's tracked universe of 1743 assets, RDW comes in at #1461 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RDW ahead by 81.1 points (-55.7% versus +25.4%).
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 RDW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RDW (Redwire Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +25.4% |
| 5-year return | -99.4% | +12.9% |
| Volatility (ann.) | 75.7% | 101.5% |
| Beta vs S&P 500 | -4.54 | 3.01 |
| Max drawdown (3Y) | -97.6% | -80.3% |
| Market cap | – | $2.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RDW |
|---|---|---|
| 2022 | +52.2% | -70.7% |
| 2023 | -90.1% | +43.9% |
| 2024 | -76.6% | +477.5% |
| 2025 | -61.4% | -53.8% |
| 2026 | -49.5% | +48.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RDW good diversifiers for each other?
Yes. With a correlation of -0.43, FNGD and RDW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RDW?
The FNGD/RDW correlation stands at -0.43 on a 3-year window (1 year: -0.46, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is RDW a good diversifier for FNGD?
Yes. With a correlation of -0.43, FNGD and RDW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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-rdw.json
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[](https://www.pairbook.io/pair/fngd-vs-rdw/)
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Related comparisons
Hubs: FNGD correlations · RDW correlations
