FNGD vs RMT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Royce Micro-Cap Trust, Inc. (RMT) show a negative relationship: their 3-year correlation of weekly returns is -0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RMT?
Over the past 3 years, FNGD and RMT moved with a correlation of -0.56, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.51 lands near the 3-year figure. Over 5 years the correlation is -0.61, and the annualized covariance of weekly returns is -865.9 %².
Within FNGD's tracked universe of 1743 assets, RMT comes in at #1652 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RMT outperformed by 104.1 percentage points (-55.7% for FNGD against +48.4% for RMT). One caveat on sizing: FNGD is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 RMT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RMT (Royce Micro-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +48.4% |
| 5-year return | -99.4% | +80.1% |
| Volatility (ann.) | 75.7% | 20.5% |
| Beta vs S&P 500 | -4.54 | 1.09 |
| Max drawdown (3Y) | -97.6% | -26.4% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | 8.5 |
| Dividend yield | 0.00% | 5.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RMT |
|---|---|---|
| 2022 | +52.2% | -16.8% |
| 2023 | -90.1% | +15.8% |
| 2024 | -76.6% | +14.0% |
| 2025 | -61.4% | +16.1% |
| 2026 | -49.5% | +39.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RMT good diversifiers for each other?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RMT?
As of 2026-08-27, the correlation of weekly returns between FNGD and RMT is -0.56 over 3 years, -0.51 over 1 year and -0.61 over 5 years.
Is RMT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
What does a correlation of -0.56 mean?
On the −1 to +1 scale, -0.56 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-rmt.json
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Related comparisons
Hubs: FNGD correlations · RMT correlations
