FNGD vs RJF: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Raymond James Financial (RJF) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RJF?
Over the past 3 years, FNGD and RJF moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.41). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -762.2 %².
Within FNGD's tracked universe of 1743 assets, RJF comes in at #1394 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RJF ahead by 62.0 points (-55.7% versus +6.3%). Risk is not evenly split, since FNGD carries 3.1 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 RJF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RJF (Raymond James Financial) | |
|---|---|---|
| 1-year return | -55.7% | +6.3% |
| 5-year return | -99.4% | +102.1% |
| Volatility (ann.) | 75.7% | 24.8% |
| Beta vs S&P 500 | -4.54 | 1.03 |
| Max drawdown (3Y) | -97.6% | -28.1% |
| Market cap | – | $33.8B |
| P/E (trailing) | 20.6 | 15.4 |
| Dividend yield | 0.00% | 1.20% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | RJF |
|---|---|---|
| 2022 | +52.2% | +8.3% |
| 2023 | -90.1% | +6.1% |
| 2024 | -76.6% | +40.8% |
| 2025 | -61.4% | +4.7% |
| 2026 | -49.5% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RJF good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RJF?
The FNGD/RJF correlation stands at -0.41 on a 3-year window (1 year: -0.18, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is RJF a good diversifier for FNGD?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 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-rjf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rjf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RJF correlations
