FNGD vs RITM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Rithm Capital Corp. (RITM) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RITM?
Over the past 3 years, FNGD and RITM moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -406.6 %².
Within FNGD's tracked universe of 1743 assets, RITM comes in at #532 by 3-year correlation. The last year tells two different stories: RITM led by 45.1 percentage points, -55.7% for FNGD against -10.6% for RITM. Note the risk asymmetry: FNGD runs 3.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RITM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RITM (Rithm Capital Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -10.6% |
| 5-year return | -99.4% | +53.6% |
| Volatility (ann.) | 75.7% | 20.9% |
| Beta vs S&P 500 | -4.54 | 0.67 |
| Max drawdown (3Y) | -97.6% | -27.3% |
| Market cap | – | $5.6B |
| P/E (trailing) | 20.6 | 16.7 |
| Dividend yield | 0.00% | 9.92% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RITM |
|---|---|---|
| 2022 | +52.2% | -14.4% |
| 2023 | -90.1% | +45.6% |
| 2024 | -76.6% | +11.1% |
| 2025 | -61.4% | +10.1% |
| 2026 | -49.5% | -3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RITM good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RITM?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.32 over the last year and -0.37 over 5 years.
Is RITM a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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-ritm.json
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Related comparisons
Hubs: FNGD correlations · RITM correlations
