FNGD vs RGTI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Rigetti Computing, Inc. (RGTI) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RGTI?
Over the past 3 years, FNGD and RGTI moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.41 lands near the 3-year figure. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -3050.3 %².
Within FNGD's tracked universe of 1743 assets, RGTI comes in at #917 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RGTI outperformed by 62.5 percentage points (-55.7% for FNGD against +6.8% for RGTI). Risk is not evenly split, since RGTI carries 1.7 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 RGTI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RGTI (Rigetti Computing, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +6.8% |
| 5-year return | -99.4% | +69.5% |
| Volatility (ann.) | 75.7% | 129.7% |
| Beta vs S&P 500 | -4.54 | 2.64 |
| Max drawdown (3Y) | -97.6% | -77.1% |
| Market cap | – | $5.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RGTI |
|---|---|---|
| 2022 | +52.2% | -92.9% |
| 2023 | -90.1% | +35.1% |
| 2024 | -76.6% | +1449.2% |
| 2025 | -61.4% | +45.2% |
| 2026 | -49.5% | -25.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RGTI good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RGTI?
As of 2026-08-27, the correlation of weekly returns between FNGD and RGTI is -0.31 over 3 years, -0.41 over 1 year and -0.28 over 5 years.
Is RGTI a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rgti.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-rgti/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RGTI correlations
