FNGD vs RIOT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Riot Platforms, Inc. (RIOT) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RIOT?
Over the past 3 years, FNGD and RIOT moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -2139.6 %².
Among the 1743 assets we track against FNGD, RIOT ranks #1102 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RIOT outperformed by 109.8 percentage points (-55.7% for FNGD against +54.1% for RIOT).
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 RIOT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RIOT (Riot Platforms, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +54.1% |
| 5-year return | -99.4% | -44.6% |
| Volatility (ann.) | 75.7% | 82.3% |
| Beta vs S&P 500 | -4.54 | 2.40 |
| Max drawdown (3Y) | -97.6% | -66.2% |
| Market cap | – | $7.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RIOT |
|---|---|---|
| 2022 | +52.2% | -84.8% |
| 2023 | -90.1% | +356.3% |
| 2024 | -76.6% | -34.0% |
| 2025 | -61.4% | +24.1% |
| 2026 | -49.5% | +64.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RIOT good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RIOT?
The FNGD/RIOT correlation stands at -0.34 on a 3-year window (1 year: -0.29, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is RIOT a good diversifier for FNGD?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
A reading of -0.34 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-riot.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-riot/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RIOT correlations
