FNGD vs RH: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and RH (RH) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RH?
Across a 3-year window, the weekly returns of FNGD and RH correlate at -0.37, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.16) than the 3-year average (-0.37). Stretching to 5 years gives -0.45, with an annualized covariance of -1906.8 %².
By 3-year correlation, RH places #1236 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with RH ahead by 19.2 points (-55.7% versus -36.5%).
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 RH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RH (RH) | |
|---|---|---|
| 1-year return | -55.7% | -36.5% |
| 5-year return | -99.4% | -79.8% |
| Volatility (ann.) | 75.7% | 67.4% |
| Beta vs S&P 500 | -4.54 | 2.60 |
| Max drawdown (3Y) | -97.6% | -75.2% |
| Market cap | – | $2.7B |
| P/E (trailing) | 20.6 | 28.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RH |
|---|---|---|
| 2022 | +52.2% | -50.1% |
| 2023 | -90.1% | +9.1% |
| 2024 | -76.6% | +35.0% |
| 2025 | -61.4% | -54.5% |
| 2026 | -49.5% | -19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RH good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RH?
As of 2026-08-27, the correlation of weekly returns between FNGD and RH is -0.37 over 3 years, -0.16 over 1 year and -0.45 over 5 years.
Is RH a good diversifier for FNGD?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 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-rh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RH correlations
