FNGD vs RELY: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Remitly Global, Inc. (RELY) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RELY?
Across a 3-year window, the weekly returns of FNGD and RELY correlate at -0.27, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -1062.4 %².
Within FNGD's tracked universe of 1743 assets, RELY comes in at #625 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RELY ahead by 97.0 points (-55.7% versus +41.3%).
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 RELY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RELY (Remitly Global, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +41.3% |
| 5-year return | -99.4% | -46.4% |
| Volatility (ann.) | 75.7% | 52.6% |
| Beta vs S&P 500 | -4.54 | 0.90 |
| Max drawdown (3Y) | -97.6% | -57.9% |
| Market cap | – | $5.5B |
| P/E (trailing) | 20.6 | 18.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RELY |
|---|---|---|
| 2022 | +52.2% | -44.5% |
| 2023 | -90.1% | +69.6% |
| 2024 | -76.6% | +16.2% |
| 2025 | -61.4% | -38.9% |
| 2026 | -49.5% | +88.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RELY good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RELY?
The FNGD/RELY correlation stands at -0.27 on a 3-year window (1 year: -0.37, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is RELY a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rely.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rely/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RELY correlations
