FNGD vs RDWR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Radware Ltd. (RDWR) 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 RDWR?
Across a 3-year window, the weekly returns of FNGD and RDWR correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.15 versus -0.28 over 3 years. Stretching to 5 years gives -0.35, with an annualized covariance of -772.5 %².
Among the 1743 assets we track against FNGD, RDWR ranks #722 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RDWR ahead by 70.6 points (-55.7% versus +14.9%). One caveat on sizing: FNGD is 2.1 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 RDWR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RDWR (Radware Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +14.9% |
| 5-year return | -99.4% | -13.5% |
| Volatility (ann.) | 75.7% | 36.7% |
| Beta vs S&P 500 | -4.54 | 0.85 |
| Max drawdown (3Y) | -97.6% | -29.4% |
| Market cap | – | $1.2B |
| P/E (trailing) | 20.6 | 75.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RDWR |
|---|---|---|
| 2022 | +52.2% | -52.6% |
| 2023 | -90.1% | -15.5% |
| 2024 | -76.6% | +35.1% |
| 2025 | -61.4% | +6.9% |
| 2026 | -49.5% | +22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RDWR good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RDWR?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.15 over the last year and -0.35 over 5 years.
Is RDWR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
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-rdwr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-rdwr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · RDWR correlations
