FNGD vs RL: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ralph Lauren Corporation (RL) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RL?
Across a 3-year window, the weekly returns of FNGD and RL correlate at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.30). Stretching to 5 years gives -0.41, with an annualized covariance of -766.8 %².
Within FNGD's tracked universe of 1743 assets, RL comes in at #859 by 3-year correlation. The last year tells two different stories: RL led by 76.4 percentage points, -55.7% for FNGD against +20.7% for RL. Note the risk asymmetry: FNGD runs 2.3 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 RL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RL (Ralph Lauren Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +20.7% |
| 5-year return | -99.4% | +232.5% |
| Volatility (ann.) | 75.7% | 33.6% |
| Beta vs S&P 500 | -4.54 | 1.07 |
| Max drawdown (3Y) | -97.6% | -36.2% |
| Market cap | – | $21.0B |
| P/E (trailing) | 20.6 | 22.8 |
| Dividend yield | 0.00% | 1.03% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FNGD | RL |
|---|---|---|
| 2022 | +52.2% | -8.4% |
| 2023 | -90.1% | +39.8% |
| 2024 | -76.6% | +62.9% |
| 2025 | -61.4% | +55.0% |
| 2026 | -49.5% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RL good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RL?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.15 over the last year and -0.41 over 5 years.
Is RL a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 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-rl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-rl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RL correlations
