FNGD vs RMBS: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Rambus, Inc. (RMBS) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RMBS?
On 3 years of weekly data the FNGD/RMBS correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. The 5-year figure is -0.48, and annualized covariance runs at -2201.4 %².
Among the 1743 assets we track against FNGD, RMBS ranks #1574 by 3-year correlation. The last year tells two different stories: RMBS led by 77.1 percentage points, -55.7% for FNGD against +21.4% for RMBS.
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 RMBS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RMBS (Rambus, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +21.4% |
| 5-year return | -99.4% | +269.6% |
| Volatility (ann.) | 75.7% | 59.1% |
| Beta vs S&P 500 | -4.54 | 2.22 |
| Max drawdown (3Y) | -97.6% | -51.5% |
| Market cap | – | $9.9B |
| P/E (trailing) | 20.6 | 41.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RMBS |
|---|---|---|
| 2022 | +52.2% | +21.9% |
| 2023 | -90.1% | +90.5% |
| 2024 | -76.6% | -22.5% |
| 2025 | -61.4% | +73.8% |
| 2026 | -49.5% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RMBS good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RMBS?
The FNGD/RMBS correlation stands at -0.49 on a 3-year window (1 year: -0.39, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is RMBS a good diversifier for FNGD?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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.
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Related comparisons
Hubs: FNGD correlations · RMBS correlations
