FNGD vs RF: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Regions Financial Corporation (RF) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RF?
On 3 years of weekly data the FNGD/RF correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.01) than the 3-year average (-0.26). The 5-year figure is -0.29, and annualized covariance runs at -564.4 %².
Within FNGD's tracked universe of 1743 assets, RF comes in at #531 by 3-year correlation. The last year tells two different stories: RF led by 71.1 percentage points, -55.7% for FNGD against +15.4% for RF. One caveat on sizing: FNGD is 2.6 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 RF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RF (Regions Financial Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +15.4% |
| 5-year return | -99.4% | +83.5% |
| Volatility (ann.) | 75.7% | 29.2% |
| Beta vs S&P 500 | -4.54 | 1.09 |
| Max drawdown (3Y) | -97.6% | -31.9% |
| Market cap | – | $25.9B |
| P/E (trailing) | 20.6 | 12.4 |
| Dividend yield | 0.00% | 3.45% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | RF |
|---|---|---|
| 2022 | +52.2% | +2.3% |
| 2023 | -90.1% | -5.7% |
| 2024 | -76.6% | +27.0% |
| 2025 | -61.4% | +20.2% |
| 2026 | -49.5% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RF good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RF?
The FNGD/RF correlation stands at -0.26 on a 3-year window (1 year: -0.01, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is RF a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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-rf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-rf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RF correlations
