FNGD vs RMI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RMI?
Across a 3-year window, the weekly returns of FNGD and RMI correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Stretching to 5 years gives -0.29, with an annualized covariance of -244.4 %².
By 3-year correlation, RMI places #279 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with RMI ahead by 73.5 points (-55.7% versus +17.8%). Note the risk asymmetry: FNGD runs 5.5 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 RMI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RMI (RiverNorth Opportunistic Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +17.8% |
| 5-year return | -99.4% | -3.9% |
| Volatility (ann.) | 75.7% | 13.7% |
| Beta vs S&P 500 | -4.54 | 0.36 |
| Max drawdown (3Y) | -97.6% | -17.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 126.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RMI |
|---|---|---|
| 2022 | +52.2% | -21.3% |
| 2023 | -90.1% | +0.2% |
| 2024 | -76.6% | +6.3% |
| 2025 | -61.4% | +2.7% |
| 2026 | -49.5% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RMI good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and RMI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RMI?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.32 over the last year and -0.29 over 5 years.
Is RMI a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and RMI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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-rmi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-rmi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · RMI correlations
