FNGD vs RIO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Rio Tinto Plc (RIO) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RIO?
On 3 years of weekly data the FNGD/RIO correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. The 5-year figure is -0.35, and annualized covariance runs at -516.1 %².
Within FNGD's tracked universe of 1743 assets, RIO comes in at #627 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RIO ahead by 132.9 points (-55.7% versus +77.2%). One caveat on sizing: FNGD is 3.0 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 RIO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RIO (Rio Tinto Plc) | |
|---|---|---|
| 1-year return | -55.7% | +77.2% |
| 5-year return | -99.4% | +94.8% |
| Volatility (ann.) | 75.7% | 25.1% |
| Beta vs S&P 500 | -4.54 | 0.70 |
| Max drawdown (3Y) | -97.6% | -24.2% |
| Market cap | – | $170.4B |
| P/E (trailing) | 20.6 | 14.2 |
| Dividend yield | 0.00% | 4.44% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RIO |
|---|---|---|
| 2022 | +52.2% | +18.5% |
| 2023 | -90.1% | +11.1% |
| 2024 | -76.6% | -15.4% |
| 2025 | -61.4% | +44.5% |
| 2026 | -49.5% | +37.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RIO good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RIO?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.24 over the last year and -0.35 over 5 years.
Is RIO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rio.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-rio/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RIO correlations
