FNGD vs RFMZ: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RFMZ?
Over the past 3 years, FNGD and RFMZ moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.34 versus -0.23 over 3 years. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -230.6 %².
Among the 1743 assets we track against FNGD, RFMZ ranks #278 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RFMZ outperformed by 68.4 percentage points (-55.7% for FNGD against +12.7% for RFMZ). Risk is not evenly split, since FNGD carries 5.7 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 RFMZ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RFMZ (RiverNorth Flexible Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +12.7% |
| 5-year return | -99.4% | -11.3% |
| Volatility (ann.) | 75.7% | 13.3% |
| Beta vs S&P 500 | -4.54 | 0.36 |
| Max drawdown (3Y) | -97.6% | -16.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 217.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RFMZ |
|---|---|---|
| 2022 | +52.2% | -26.4% |
| 2023 | -90.1% | +4.6% |
| 2024 | -76.6% | +10.1% |
| 2025 | -61.4% | +2.2% |
| 2026 | -49.5% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RFMZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RFMZ?
As of 2026-08-27, the correlation of weekly returns between FNGD and RFMZ is -0.23 over 3 years, -0.34 over 1 year and -0.36 over 5 years.
Is RFMZ a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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
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Related comparisons
Hubs: FNGD correlations · RFMZ correlations
