FNGD vs RKLB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Rocket Lab Corporation (RKLB) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RKLB?
Across a 3-year window, the weekly returns of FNGD and RKLB correlate at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.48) sits close to the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -2637.9 %².
By 3-year correlation, RKLB places #1395 of the 1743 assets tracked against FNGD. The last year tells two different stories: RKLB led by 101.7 percentage points, -55.7% for FNGD against +46.0% for RKLB.
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 RKLB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RKLB (Rocket Lab Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +46.0% |
| 5-year return | -99.4% | +573.3% |
| Volatility (ann.) | 75.7% | 85.6% |
| Beta vs S&P 500 | -4.54 | 2.58 |
| Max drawdown (3Y) | -97.6% | -61.0% |
| Market cap | – | $43.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RKLB |
|---|---|---|
| 2022 | +52.2% | -69.3% |
| 2023 | -90.1% | +46.7% |
| 2024 | -76.6% | +360.6% |
| 2025 | -61.4% | +173.9% |
| 2026 | -49.5% | -3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RKLB good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RKLB?
The FNGD/RKLB correlation stands at -0.41 on a 3-year window (1 year: -0.48, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is RKLB a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rklb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rklb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RKLB correlations
