FNGD vs REFI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Chicago Atlantic Real Estate Finance, Inc. (REFI) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and REFI?
On 3 years of weekly data the FNGD/REFI correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. The 5-year figure is -0.23, and annualized covariance runs at -380.8 %².
Within FNGD's tracked universe of 1743 assets, REFI comes in at #530 by 3-year correlation. Correlation aside, the last 12 months split them widely, with REFI ahead by 43.1 points (-55.7% versus -12.6%). Note the risk asymmetry: FNGD runs 3.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 REFI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | REFI (Chicago Atlantic Real Estate Finance, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -12.6% |
| 5-year return | -99.4% | +21.3% |
| Volatility (ann.) | 75.7% | 19.4% |
| Beta vs S&P 500 | -4.54 | 0.51 |
| Max drawdown (3Y) | -97.6% | -24.9% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 7.8 |
| Dividend yield | 0.00% | 17.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | REFI |
|---|---|---|
| 2022 | +52.2% | +3.4% |
| 2023 | -90.1% | +23.7% |
| 2024 | -76.6% | +8.7% |
| 2025 | -61.4% | -8.7% |
| 2026 | -49.5% | -5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and REFI good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and REFI?
As of 2026-08-27, the correlation of weekly returns between FNGD and REFI is -0.26 over 3 years, -0.36 over 1 year and -0.23 over 5 years.
Is REFI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
A reading of -0.26 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-refi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-refi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · REFI correlations
