FNGD vs RNAC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Cartesian Therapeutics, Inc. (RNAC) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RNAC?
Across a 3-year window, the weekly returns of FNGD and RNAC correlate at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Stretching to 5 years gives -0.26, with an annualized covariance of -2162.2 %².
Among the 1743 assets we track against FNGD, RNAC ranks #534 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RNAC outperformed by 49.5 percentage points (-55.7% for FNGD against -6.2% for RNAC).
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 RNAC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RNAC (Cartesian Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -6.2% |
| 5-year return | -99.4% | -92.3% |
| Volatility (ann.) | 75.7% | 108.2% |
| Beta vs S&P 500 | -4.54 | 2.21 |
| Max drawdown (3Y) | -97.6% | -85.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RNAC |
|---|---|---|
| 2022 | +52.2% | -65.3% |
| 2023 | -90.1% | -39.0% |
| 2024 | -76.6% | -13.4% |
| 2025 | -61.4% | -59.7% |
| 2026 | -49.5% | +38.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RNAC good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RNAC?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.31 over the last year and -0.26 over 5 years.
Is RNAC a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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-rnac.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rnac/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RNAC correlations
