FNGD vs RFM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and RiverNorth Flexible Municipal Income Fund, Inc. (RFM) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RFM?
Across a 3-year window, the weekly returns of FNGD and RFM correlate at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.44) than the 3-year average (-0.29). Stretching to 5 years gives -0.33, with an annualized covariance of -262.1 %².
By 3-year correlation, RFM places #794 of the 1743 assets tracked against FNGD. The last year tells two different stories: RFM led by 68.5 percentage points, -55.7% for FNGD against +12.8% for RFM. Risk is not evenly split, since FNGD carries 6.3 times the volatility of the other side.
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 RFM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +12.8% |
| 5-year return | -99.4% | -7.4% |
| Volatility (ann.) | 75.7% | 12.0% |
| Beta vs S&P 500 | -4.54 | 0.38 |
| Max drawdown (3Y) | -97.6% | -16.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 159.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RFM |
|---|---|---|
| 2022 | +52.2% | -22.9% |
| 2023 | -90.1% | +9.3% |
| 2024 | -76.6% | +3.2% |
| 2025 | -61.4% | +1.6% |
| 2026 | -49.5% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RFM good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RFM?
The FNGD/RFM correlation stands at -0.29 on a 3-year window (1 year: -0.44, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is RFM a good diversifier for FNGD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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.
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Related comparisons
Hubs: FNGD correlations · RFM correlations
