FNGD vs RLAY: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Relay Therapeutics, Inc. (RLAY) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RLAY?
Across a 3-year window, the weekly returns of FNGD and RLAY correlate at -0.35, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.35 over 3. Stretching to 5 years gives -0.40, with an annualized covariance of -1869.2 %².
Within FNGD's tracked universe of 1743 assets, RLAY comes in at #1155 by 3-year correlation. The last year tells two different stories: RLAY led by 499.7 percentage points, -55.7% for FNGD against +444.0% for RLAY.
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 RLAY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RLAY (Relay Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +444.0% |
| 5-year return | -99.4% | -35.3% |
| Volatility (ann.) | 75.7% | 71.3% |
| Beta vs S&P 500 | -4.54 | 2.17 |
| Max drawdown (3Y) | -97.6% | -83.4% |
| Market cap | – | $4.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RLAY |
|---|---|---|
| 2022 | +52.2% | -51.4% |
| 2023 | -90.1% | -26.3% |
| 2024 | -76.6% | -62.6% |
| 2025 | -61.4% | +105.3% |
| 2026 | -49.5% | +129.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RLAY good diversifiers for each other?
Yes. With a correlation of -0.35, FNGD and RLAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RLAY?
The FNGD/RLAY correlation stands at -0.35 on a 3-year window (1 year: -0.25, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is RLAY a good diversifier for FNGD?
Yes. With a correlation of -0.35, FNGD and RLAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · RLAY correlations
